FxWirePro: NZD/USD extends weakness below 21-EMA, outlook bearish
Chart - Courtesy Trading View
NZD/USD was trading 0.29% lower on the day at 0.6772 at around 09:05 GMT.
Previous Week's High/ Low: 0.6890/ 0.6736
Previous Session's High/ Low: 0.6818/ 0.6787
Rising covid cases and geopolitical risks emanating from Russia keep the antipodeans depressed.
Ratings agency Fitch says China growth should improve during the second half of 2022, news has little impact.
US Dollar tracks stronger UST yields. US Treasury yields refresh multi-day top as bond/equities’ trading resume following US market holiday on Monday.
US NY Empire State Manufacturing Index for January and NAHB Housing Market Index will be in focus.
- NZD/USD price action rejected at 55-EMA and daily cloud
- Momentum is bearish, stochs and RSI are biased lower
- GMMA indicator shows major and minor trend are bearish
- MACD is on verge of bearish crossover on signal line
Major Support and Resistance Levels:
Support - 0.6739 (200-week MA), Resistance - 0.6801 (21-EMA)
Summary: NZD/USD was trading with a bearish bias. Scope for test of 200-week MA at 0.6739.