FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: NZD/USD struggles for clear direction, downside pauses at 55-EMA support
NZD/USD chart - Trading View
NZD/USD was trading largely unchanged on the day at 0.6090 at around 05:50 GMT.
The pair has paused downside after 2 straight sessions of weakness and is currently holding support at 55-EMA.
Major and minor trend are neutral as evidenced by the GMMA indicator. RSI is flat, but holds above the 50 mark.
Price action is consolidating break above daily cloud and markets await New Zealand trade balance data for impetus.
U.S. markets remains closed on account of Memorial Day holiday and in the absence of economic drivers focus will remain on political developments to drive price movements.
Break below 55-EMA will see next major support at 21-EMA at 0.6059 ahead of cloud top at 0.5978.
On the flipside, bounce off 55-EMA support finds next major resistance at 110-EMA at 0.6183 ahead of 61.8% Fib at 0.6264.
Support levels - 0.6086 (55-EMA), 0.6059 (21-EMA), 0.5978 (Cloud top)
Resistance levels - 0.6103 (5-DMA), 0.6183 (110-EMA), 0.6264 (61.8% Fib)