FxWirePro: NZD/USD recovers from session lows at 0.60, Kiwi remains bid as S&P affirms New Zealand's AA Ratings

NZD/USD chart - Trading View 

NZD/USD grinds lower after 'Shooting Star' formation in the previous week dents upside.

The major was trading 0.25% lower on the day at 0.6042 at around 10:00 GMT after closing 1.12% lower on Friday's trade.

Price action has erased early losses and had retraced back from session lows at 0.6008.

Kiwi garnered bids as S&P affirmed New Zealand's AA Ratings with outlook – Positive.

Analysis of GMMA indicator shows major trend has been bearish, while minor uptrend has faltered at 55-EMA resistance.

Technical indicators are turning bearish. RSI has slipped below 50 and Stochs are on verge of rollover from near-overbought levels.

Price action hovers around 21-EMA at 0.6035, decisive close below will drag prices lower. Breach below daily cloud will confirm downside resumption. 

On the flipside, breakout above 55-EMA required for upside continuation. Next hurdle on the upside lies at 61.8% Fib at 0.6264.