FxWirePro: NZD/USD edges higher from session lows at 0.5910, kiwi to remain under pressure as RBNZ mulls more stimulus

NZD/USD chart - Trading View 

NZD/USD has trimmed losses to edge higher from session lows at 0.5910 and was trading 0.38% higher on the day at 0.5969 at 05:15 GMT.

Technical analysis shows recovery in the pair lacks traction, price action is set to resume weakness.

Analysis of GMMA indicator shows major trend is bearish and minor uptrend has faded at 55-EMA resistance.

Upside finds series of still resistance upto 0.60. Only decisive break above will see more upside.

Volatility is rising and MACD is on verge of bearish crossover on signal line raising scope for further downside.

Major support on the downside lies at Kijun Sen at 0.58. Break below to see further weakness.

Major Support Levels: 0.60 (21-EMA), 0.6112 (50% Fib)

Major Resistance Levels: 0.5843 (Apr 3rd low), 0.58 (Kijun Sen)