FxWirePro: NZD/USD breaks below 78.6% Fib, breach of channel support opens up further downside

NZD/USD chart - Trading View 

• NZD/USD is extending weakness for the 5th striaght session, bias bearish.
   
• Price action has breached channel support 0.6565. Break below has opened up further downside.
   
• Momentum studies are highly bearish. Stochs and RSI are sharply lower.
   
• Volatility rising as indicated by widening Bollinger Bands on weekly charts.
   
• The pair has broken below 78.6% Fib at 0.6541 and next bear target lies at 0.6486 (88.6% Fib).
   
• We see scope for weakness till 0.6424 (Oct 8th low). Bearish invalidation only above 200-DMA.

Support levels - 0.65, 0.6486 (88.6% Fib), 0.6424 (Oct 8th low)

Resistance levels - 0.6556 (5-DMA), 0.6632 (61.8% Fib), 0.6714 (200-DMA)

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