- Poor China data dump aggravates the selling pressure in the NZD/USD pair.
- NZD/USD hits fresh weekly lows near 0.6860, bias lower.
- Technical studies have turned bearish on daily charts, RSI and Stochs have turned south and we see -ve DMI dominance.
- The pair now eyes major trendline support and double bottom at 0.6818. Violation there could see further downside.
Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-rejected-at-20-DMA-06939-good-to-short-rallies-1003663) has hit TP1.
Recommendation: Bias lower, stay short for further downside.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -169.824 (Bearish), while Hourly USD Spot Index was at 37.3046 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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