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FxWirePro: NZD/USD undermined by US dollar bounce, slips below 5-DMA

NZD/USD chart - Trading View 

Technical Analysis: Bias Bearish

- NZD/USD was trading 0.25% lower on the day at 0.7132 at around 10:00 GMT

- Price action was rejected at session highs, slips below 5-DMA

- RSI has confirmed a bearish rollover from overbought levels

- Upside in the pair has paused at 61.8% Fib retracement

- Longer upper wicks on daily candles suggests selling pressure at highs

Support levels - 0.7134 (50% Fib), 0.71 (200H MA), 0.7097 (200-DMA)

Resistance levels - 0.7158 (5-DMA), 0.72, 0.7212 (61.8% Fib)

Summary: NZD/USD is extending weakness for the 3rd consecutive session. US dollar shows some bounce across the board as the Treasury yields recover ground. NZD/USD poised to test 0.71 levels. Break below will see further weakness.

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