FxWirePro: NZD/USD capped at 0.66 handle, slips below 5-DMA
NZD/USD chart - Trading View
NZD/USD extends weakness previous session's weakness on Tuesday.
The major was trading 0.21% lower at 0.6525 at around 10:40 GMT, near-term weakness on charts.
Upside was capped at 0.66 handle and the pair has slipped below 5-DMA, scope for further downside.
The kiwi remains under some selling pressure amidst the prevalent risk-off mood which drove flows away from perceived riskier currencies.
Renewed concerns about a further escalation in the U.S.-China trade war dents global risk sentiment.
The pair finds strong support at 21-EMA at 0.6489. Clear break below will drag prices lower.
Price action is above 200-DMA and daily cloud. Major trend is still bullish. Bounce off 21-EMA support will see upside resumption.
Major Support - 0.6489 (21-EMA)
Major Resistance - 0.66 (88.6% Fib)