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FxWirePro: NZD/USD extends weakness below 200-DMA, focus on NZ CPI data for further impetus

NZD/USD chart on Trading View used for analysis

  • NZD/USD is extending weakness for the 6th straight session, bias lower.
     
  • The pair is grinding lower below 200-DMA resistance, trades 0.17% lower at 0.6728 at 0330 GMT.
     
  • Technical studies on intraday charts are biased lower. Stochs have rolled over from overbought levels.
     
  • Price action has retraced break above 200-DMA, has slipped below 110-EMA.
     
  • Next major support lies at 0.6697 (cloud base). Breach below cloud will take the pair lower to next major support at 0.6632 (trendline and 61.8% Fib).
     
  • Focus this week on NZ CPI data. A week print could weigh on kiwi, with markets increasingly expecting a more dovish RBNZ.

Support levels - 0.6697 (cloud base), 0.6632 (converged trendline and 61.8% Fib), 0.6585 (Jan 3 low)

Resistance levels - 0.6751 (110-EMA), 0.6764 (5-DMA), 0.6783 (200-DMA)

Recommendation: Good to stay short on upticks, SL: 0.6775, TP: 0.6750/ 0.67/ 0.6635

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

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