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FxWirePro: NZD/USD struggles at 21-EMA, Kiwi under pressure as RBNZ’s stands ready to increase the size of QE
NZD/USD chart - Trading View
NZD/USD was trading 0.23% lower on the day at 0.5962 at around 05:05 GMT, snapping 2 straight sessions of gains.
The kiwi under pressure following comments from the RBNZ Assistant Governor that the central bank stands ready to increase the size of the QE.
Positive surprise from the GDT Price Index failed to buoy bulls. New Zealand’s GDT Price Index earlier rose beyond -3.9% prior contraction to +1.2% with a 2.1% gain in Whole Milk Powder (WMP) prices.
Trade sentiment remains weak after the latest swing in the coronavirus (COVID-19) numbers from global hotspots, namely the US, Europe and the UK.
In favour of downside:
- Price action struggles at 21-EMA resistance.
- 'Death Cross' (bearish 50-DMA crossover on 200-DMA)
- Stochastics have approached overbought levels
- GMMA indicator shows major trend is bearish
In favour of upside:
- Bullish 5-DMA crossover on 20-DMA
- Price action has bounced off 200H MA support
- 5-DMA is biased higher and Stochastics show bullish momentum
Support levels - 0.5927 (5-DMA), 0.5907 (20-DMA)
Resistance levels - 0.5979 (21-EMA), 0.6068 (Mar 27 high)
Guidance: Intraday bias is neutral. Break out at 21-EMA could change near-term dynamics.