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FxWirePro: NZD/USD tests trendline support at 0.6487, further weakness likely on break below
NZD/USD chart - Trading View
NZD/USD pauses downside at major trendline support at 0.6488.
The pair is trading slightly higher on the day at 0.6506, up 0.28% at 07:10 GMT.
Technical indicators support further weakness in the pair. Momentum highly bearish.
RSI well below 50 and Stochs and 5-DMA are sharply lower. Bearish 5-DMA crossover on 20-DMA keeps bias lower.
'Death Cross' on daily charts to plummet the pair further. Volatility is rising.
Breach at trendline support at 0.6487 eyes lower BB at 0.6490 ahead of 0.6424 (Oct 8 lows).
5-DMA is immediate resistance at 0.6543, break above 50-DMA could see upside resumption.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-break-below-20-DMA-opens-up-further-downside-06485-in-sight-1549686) has almost hit targets.
Recommendation: Watch for break below trendline support for further weakness.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.