FxWirePro: NZD/USD breaks major trendline support, eyes 100-DMA at 0.7140

• NZD/USD rejected at 20-DMA on Tuesday's trade, slips below 0.72 handle.
   
• The pair breached 50-DMA support on Tuesday and edged lower to break major trendline support which aligns at 0.72.
   
• Momentum studies are bearish, we see scope for test of 100-DMA at 0.7140.
   
• Bearish invalidation only above 20-day MA at 0.7287.
   
• Major support levels - 0.7155 (61.8% Fib), 0.7158 (Aug 10 low), 0.7140 (Aug 3 lows)
   
• Major resistance levels - 0.72 (trendline), 0.7258 (50-DMA), 0.7287 (20-DMA)
   
• Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-intraday-bias-lower-good-to-short-rallies-328444) has hit all targets.
   

Recommendation: Book partial profits, lower stops to 0.7258, target 0.7140.
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Fresh shorts can be entered at rallies around 0.72/0.7210, SL: 0.7260, TP: 0.7155/ 0.7140/ 0.71