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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. 
 

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