- NZD/USD trades a narrow range in the Asian session. Scope for test of 20-DMA at 0.7087
- The pair remains capped below 50-DMA resistance at 0.7145.
- Technical studies paint a bearish picture. MACD remains below zero, while Stochs are showing a bearish rollover from overbought levels.
- The pair is extending downside from 3-week high of 0.7222 hit on Dec 8th, with a rejection at 100-DMA.
- Support levels - 0.71, 0.7087 (20-DMA), 0.7043 (Dec 1 low)
- Resistance levels - 0.7145 (converged 5& 50-DMA), 0.72 (100-DMA), 0.7226 (Dec 8 high)
Recommendation: Good to short rallies around 0.7150, SL: 0.72, TP: 0.7085/ 0.7045
FxWirePro's Hourly NZD Spot Index was at 25.1479 (Neutral), while Hourly USD Spot Index was at 100.368 (Highly bullish) at 0510 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
