The Kiwi is on the defensive with the daily chart reporting bearish lower highs pattern. New Zealand’s treasury report sounded cautious on growth, could add to pressure around the NZD.  NZD/USD risks falling to 0.6580 and may break lower, having created a bearish lower high last week. Interestingly, the bearish lower high has been established near the resistance of the trendline connecting March 26 and April 17 lows. That trendline resistance is now seen at 0.6654 and the pair is trading at 0.6608 with the 5- and 10-day moving averages (MAs) trending south, indicating a bearish setup. The 14-day RSI has also faced rejection at the former support-turned-resistance of 44. Supporting the bearish technicals is New Zealand Treasury’s report released earlier today, which said the growth rate in the second half of 2019 could be lower than expected. The Treasury’s report also took note of business pessimism due to the government’s tax policy. Add to that, the renewed fears of the US-China trade war and the path of least resistance appears to be on the downside. Daily chart Trend: Bearish  FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Crypto market overview: Bitcoin (BTC) and major altcoins extend the decline FX Street 3 years The Kiwi is on the defensive with the daily chart reporting bearish lower highs pattern. New Zealand's treasury report sounded cautious on growth, could add to pressure around the NZD.  NZD/USD risks falling to 0.6580 and may break lower, having created a bearish lower high last week. Interestingly, the bearish lower high has been established near the resistance of the trendline connecting March 26 and April 17 lows. That trendline resistance is now seen at 0.6654 and the pair is trading at 0.6608 with the 5- and 10-day moving averages (MAs) trending south, indicating a bearish setup. The 14-day… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
