FxWirePro: NZD/USD edges higher from fresh multi-week lows at 0.6982, bias lower, short rallies

• NZD/USD sell-off halts and pair edges higher from fresh mutli-week lows at 0.6982 to retake the 0.70 handle.
   
• Price action rages below daily cloud and has 200-DMA. 
   
• Technicals studies are heavily bearish, we see scope for test of 0.6930 (trendline support). Violation there could see 0.68 levels.
   
• The sharp rise in the Fed rate hike bets only amplifies the bearish bias.
   
• Markets await the GlobalDairyTrade (GDT) price auction, scheduled to be held later today for further direction.

Support levels - 0.6972 (78.6% Fib and Nov 24 low), 0.6930 (trendline), 0.69, 0.6862 (Dec 23, 2016 low)

Resistance levels - 0.7050 (5-DMA), 0.7087 (cloud base), 0.7150 (200-DMA)

TIME  TREND INDEX  OB/OS INDEX    

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

Recommendation: Good to sell rallies around 0.7010/20, SL: 0.7090, target 0.6975/ 0.6930/ 0.69

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -104.506(Highly bearish), while Hourly USD Spot Index was at -17.0513 (Neutral) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.