FxWirePro: NZD/USD breaks below 5-DMA, bias lower, good to go short on rallies

• Broad-based USD strength seen amid risk-on and rising yields as markets continue to factor in rate hikes from the Fed this year. 
   
• US 10yr treasury yields moved higher and rallied off 2.36% to 2.42%.
   
• NZD/USD trades with a bearish bias, scope for test of 0.6895 (trendline support).
   
• Price action is below daily cloud and major moving averages, technicals also bearish on intraday charts.

Support levels - 0.6972 (78.6% Fib retrace of 0.68621 to 0.73756 rally), 0.6920 (88.6% Fib), 0.6890 (Mar 9 low)

Resistance levels - 0.7023 (5-DMA), 0.7058 (61.8% Fib), 0.7093 (100-DMA)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral               Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Bearish               Neutral      

Recommendation: Good to go short on rallies around 0.7015/25, SL: 0.7095, TP: 0.6970/ 0.6920/ 0.69

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -2.29069(Neutral), while Hourly USD Spot Index was at 93.4953 (Bullish) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.