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FxWirePro: NZD/USD consolidates below 61.8% Fib, intraday bias bearish

NZD/USD chart - Trading View 

  • NZD/USD consolidates previous session's losses, trades rangebound amid holiday-thinned trading.
     
  • New Zealand markets remain closed on account of ANZAC Day holiday. 
     
  • The pair has breached channel base support, broken below 61.8% Fib, bias still bearish.
     
  • Price action has dipped below weekly cloud. Scope for weakness till 0.6553 (76.4% Fib) and then 0.6470 (trendline).
     
  • Momentum studies are highly bearish. Volatility rising on weekly charts and MACD and DMI support downside.
     
  • Immediate resistance lies at 61.8% Fib at 0.6632. Breakout at 200-DMA negates near-term bearishness.

Support levels - 0.6585 (Jan 3 low), 0.6553 (76.4% Fib), 0.6470 (trendline)

Resistance levels - 0.6632 (61.8% Fib), 0.6642 (5-DMA), 0.6728 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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