FxWirePro: NZD/USD hovers around 50-DMA, break below to resume weakness
NZD/USD chart - Trading View
NZD/USD was trading 0.60% lower on the day at 0.7222 at around 09:30 GMT.
The pair has resumed downside after a brief pause on Monday's trade, outlook bearish.
Price action has slipped below 200H MA and trades pivotal above 50-DMA support at 0.7202.
Momentum studies are bearish. Stochs and RSI are biased lower and RSI is below 50 mark.
MACD is on verge of a bearish crossover on signal line. GMMA indicator shows constriction in near-term moving averages.
The pair finds strong supports at 50-DMA at 0.7202 and daily cloud at 0.7163. Violation below cloud will plummet prices.
Major trend is still bullish. Bounce off cloud and 50-DMA will see upside resumption.