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FxWirePro: NZD/USD Trade Idea

Thursday, July 19, 2018 10:28 AM UTC

FxWirePro Currency Strength Index for NZD/USD: Bias Bearish
FxWirePro's Hourly USD Spot Index was at -153.224 (Bearish)
FxWirePro's Hourly USD Spot Index was at 146.267 (Bullish)

Technical Analysis: Bias Bearish
- Recovery capped at 21-EMA
- Consolidates channel breach on weekly charts
- Price action below major moving averages
- Stochs and RSI are biased lower and MACD well below zero levels

Fundamental Factors:
- Broad USD strength and weakness in the commodity space dents the antipodeans.

Support levels - 0.6725 (July 13 low), 0.67, 0.6685 (trendline support)
Resistance levels - 0.6771 (5-DMA), 0.6811 (21-EMA), 0.6840 (July 17 high)

Recommendation: Good to stay short on upticks, SL: 0.6820, TP: 0.6685

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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FxWirePro: NZD/USD Trade Idea

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