FxWirePro: NZD/USD resumes weakness after brief consolidation phase, eyes 61.8% Fib

• NZD/USD has resumed downside after brief consolidation on Friday's trade.
   
• The major is trading 0.21% lower on the day at 0.6762 at the time of writing.
   
• New Zealand Treasury's monthly economic indicators report for the month of July showed soft June quarter consumption.
   
• Further, China's Caixin Manufacturing PMI a tad weaker at 51.0 in June, misses estimates.
   
• The major has shown a breach at channel base in last week's trade and we see scope for downside on bearish technical analysis.
   
• Immediate bear target lies at 61.8% Fib at 0.6716 ahead of 0.6675 (May 2016 low).
   
• On the flipside, 1H 200 SMA is major resistance at 0.6841. Decisive break above could see some upside.

Support levels - 0.6716 (61.8% Fib retrace of 0.6196 to 0.7558 rally), 0.6675 (May 2016 low), 0.66

Resistance levels - 0.6786 (5-DMA), 0.68, 0.6870 (channel base)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-hits-2-year-lows-at-06768-breach-at-channel-base-suggests-more-downside-1394012) has hit TP1.

Recommendation: Bias lower. Hold for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -162.649 (Bearish), while Hourly USD Spot Index was at -61.2941 (Neutral) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.