FxWirePro: NZD/USD recovery capped by 20-DMA at 0.6695, good to sell rallies

NZD/USD recovered from lows on the 0.66 handle hit post RBNZ, but gains were capped by 20 DMA at 0.6695

• RBNZ refraining from cutting rates just yet, but noted that concerns remain about the prospects for slower growth in China and East Asia
   
• The pair is currently trading at 0.6669, below the 0.67 handle, with immediate resistance at 0.6695 (20 DMA) ahead of 0.6743 (Daily Tenkan)
   
• Major support is seen at 0.6617 (double bottom 13th, 14th Oct) and further below at 0.6603 (55 EMA) and then at 0.6579 (Daily Kijun)
   
• Pressures remain to the downside with the FOMC sounding hawkish leaving the door wide open for a rate hike in December 
   

Recommendation: Good to sell rallies around 0.6670/75, SL: 0.6710, TP: 0.6620
Resistance Levels: 

R1: 0.6695 (20 DMA)
 
R2: 0.6743 (Daily Tenkan)

R3: 0.6776 (Oct 28 highs)

Support Levels: 

S1:  0.6617 (Double bottom 13th, 14th Oct) 

S2: 0.6603 (55 EMA) 

S3: 0.6579 (Daily Kijun)