FxWirePro: NZD/USD consolidates break below major trendline support at 0.6685, bias bearish

Refer NZD/USD chart on Trading View

• NZD/USD is consolidating break below major trendline support at 0.6685.
   
• Downtrend in the pair remains intact, we do not see any major signs of reversal.
   
• Price action has edged above 5-DMA and is currently trading 0.21% higher on the day at 0.6599.
   
• We see minor upside on intraday charts, price is extending sideways along hourly 110-EMA.
   
• We see further bullishness only on breakout at hourly 200-SMA at 0.6627. Scope then for test of 21-EMA at 0.6685. Break above 21-EMA could invalidate bearish bias.
   
• On the flipside, we see scope for weakness till 0.6347 (Jan 2016 low)

Support levels - 0.6579 (5-DMA), 0.6488 (78.6% Fib), 0.64, 0.6428 (Nov 2015 low)

Resistance levels - 0.66, 0.6685 (21-EMA), 0.67

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 87.3714 (Bullish), while Hourly USD Spot Index was at -82.8661 (Bearish) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.