FxWirePro: NZD/USD Trade Idea

NZD/USD chart on Trading View used for analysis

FxWirePro Currency Strength Index for NZD/USD: Bias Bearish
FxWirePro's Hourly NZD Spot Index was at -98.5935 (Bearish)
FxWirePro's Hourly USD Spot Index was at 67.4115 (Neutral)

Technical Analysis: Bias Bearish
- Upside capped at strong trendline resistance at 0.6720
- Stochs have retraced from near overbought levels
- RSI is below 50 levels and biased lower
- MACD is on verge of bearish crossover on signal line and -ve DMI is dominant and rising
- Price action has sipped below 20-DMA and is on track to test 0.6544 (Aug 1 lows)

Support levels - 0.66, 0.6544 (Aug 15 low), 0.6475 (trendline)
Resistance levels - 0.6661 (5-DMA), 0.6672 (21-EMA), 0.67

Recommendation: Good to stay short on upticks, SL: 0.6675, TP: 0.66/ 0.6545/ 0.65/ 0.6475

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