FxWirePro: NZD/USD bear signs upped on clean break of 0.6500 support, good to sell rallies

 

• NZD/USD price action dives below the cloud and the pair has made a clean break below the 0.6500 support.
  
  
• Test of 0.6420 levels likely after a global dairy auction to be held early on Wednesday. Dairy prices fell for the second consecutive auction earlier this month and dairy futures suggest a 10 percent fall at Wednesday's auction.
  
  
• Immediate resistance is seen at 0.6511 (Daily cloud top) and support is located at 0.6436 (Oct 6 lows).

Recommendation: Good to sell rallies around 0.6475, SL: 06545, TP1: 0.6435, TP:2: 0.6380

Resistance Levels:

R1: 0.6511 (Daily cloud top)

R2: 0.6515 (5 DMA)

R3: 0.6535 (10 DMA)

Support Levels: 

S1: 0.6436 (Oct 6 lows) 

S2: 0.6430 (Daily Low Oct 5)

S3: 0.6385 (Daily Low Oct 2)