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FxWirePro: NZD/USD break below 20-DMA opens up further downside, 0.6485 in sight

NZD/USD chart - Trading View 

NZD/USD extends downside for the 4th straight session, bias bearish.

Antipodeans under pressure amid escalating geopolitical tensions between the US and Iran.

Price action has slipped below 4H 200-SMA, volatility is rising on the intraday charts.

5-DMA is sharply lower and caps upside in the pair. Price action has slipped below 20-DMA.

'Death Cross' (bearish 50-DMA crossover on 200-DMA) formation on the daily charts keeps scope for downside.

Technical indicators are bearish. Break below 20-DMA has opened up further weakness.

Next major support lies at 0.6485 (trendline support), violation there to see further weakness.

Support levels - 0.6525 (May 8th lows), 0.65 0.6485 (trendline)

Resistance levels - 0.6560 (20-DMA), 0.6614 (50-DMA), 0.6707 (200-DMA)

Recommendation: Stay short for 0.6485, SL: 0.6615

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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