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  |   Technicals


FxWirePro: NZD/USD Daily Outlook

NZD/USD chart - Trading View 

Technical Analysis: Bias neutral

GMMA Indicator

- Major and minor trend are neutral on the daily charts

- Weekly charts show major trend is strongly bullish, while minor tend is turning bullish

Ichimoku Analysis

- Price action is within the daily cloud and capped between Tenken and Kijun Sen

- Chikou span is biased higher, keeping scope for upside


- Oscillators are in neutral territory but do not support upside on the daily charts

- Momentum is bullish on the weekly charts

Bollinger Bands

- Volatility is high as evidenced by wide Bollinger bands

Major Support and Resistance Levels: 

Support Levels - 0.7161 (21-EMA), 0.7142 (55-EMA), 0.7085 (110-EMA)

Resistance Levels -  0.7203 (Cloud top), 0.7286 (Apr 29 high), 0.73

Summary: NZD/USD trades with a neutral bias on the daily charts, but major trend remains bullish. Price action has bounced off 55-EMA support, raising scope for upside. Watch out for break above daily cloud for upside resumption. US ADP employment and PMI data could offer near-term direction to the pair. 

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