FxWirePro: EUR/JPY slips below daily cloud, better-than-expected EU Consumer Confidence indicator fails to impress
FxWirePro: NZD/USD bounces off strong trendline support, outlook bullish
NZD/USD chart - Trading View
NZD/USD has paused downside and bounced off major trendline support at 0.6575.
The major was trading 0.43% higher on the day at 0.6619 at around 09:10 GMT, after closing 0.07% lower in the previous session.
Major trend is still bullish, but technical studies on the intraday charts are not conclusive.
The pair finds strong support at weekly cloud at 0.6571 and pullbacks are holding above cloud support from the past 3 weeks.
Bearish divergence on the daily charts is causing some weakness. Scope for upside resumption.
Break below trendline support or weekly cloud will see more downside. Breach at 200-DMA support negates bullish bias.
Support levels - 0.6575 (Trendline), 0.6502 (55-EMA), 0.6410 (110-EMA)
Resistance levels - 0.6625 (20-DMA), 0.67 (Psychological mark), 0.6760 (61.8% Fib)