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FxWirePro: NZD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- NZD/USD was trading 0.56% lower on the day at 0.6328 at around 07:20 GMT

- The pair has dipped into daily cloud, raising scope for further downside

- Price action has failed to hold break above 110-EMA, has slipped below 200H MA

- GMMA indicator shows major and minor trend have turned bearish on the intraday  charts

- Momentum is turning bearish. RSI is biased lower and Stochs are on verge of bearish rollover from overbought levels

Support levels:

S1: 0.6307 (21-EMA)

S2: 0.6264 (50-DMA)

Resistance levels:

R1: 0.6341 (200H MA)

R2: 0.6394 (5-DMA)

Summary: NZD/USD is extending weakness for the second consecutive session. Break below cloud top has raised scope for more weakness. Dip till 50-DMA at 0.6264 likely. Hawkish FOMC minutes will add downside pressure on the pair.
 

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