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FxWirePro: NZD/USD extends bearish streak for the 5th straight session, breach below cloud support will see more downside

Chart - Courtesy Trading View 

NZD/USD was trading 0.50% lower on the day at 0.6223 at around 09:30 GMT.

The pair is extending bearish streak for the 5th straight session, more downside on cards.

Price action has slipped below 50-DMA and is on verge of break below daily cloud.

MACD confirms bearish crossover on signal line, ADX supports downside.

Momentum is strongly bearish. Stochs and RSI are strongly bearish, RSI is below 50 mark.

GMMA indicator shows major trend is neutral, while minor trend has turned bearish.

Support levels - 0.62, 0.6173 (Lower BB)

Resistance levels - 0.6293 (21-EMA), 0.6345 (200H MA)

Summary: NZD/USD poised for further downside. Watch out for break below daily cloud for further downside. 

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