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FxWirePro: NZD/USD resumes weakness, Kiwi vulnerable as New Zealand COVID-19 alert level raised to 3

NZD/USD chart - Trading View 

New Zealand’s spike in confirmed coronavirus cases keeps the bird under pressure.

NZ Prime Minister, Jacinda Kate Laurell Ardern has warned that they will be moving to COVID-19 alert level 4 within 48 hours – it is currently at 3.

Additional fiscal stimulus packages announced today in the form of QE from the Reserve Bank of New Zealand might help cushion the downside.

Major trend in the pair is bearish. Oscillators are at oversold, but no signs of reversal seen.

'Death Cross' (bearish 50-DMA crossover on 200-DMA) to limit upside in the pair. 

Volatility is rising on daily, weekly and monthly charts. The pair finds little support till 0.5321 (April 2003 low).

Support levels - 0.5469 (Mar 2019 low), 0.5321 (April 2003 low)

Resistance levels - 0.5733 (5-DMA), 0.6062 (21-EMA)
 

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