- NZD/USD rallied to hit new 1-year highs of 0.7324 on Tuesday, but was unable to hold gains above the 0.73 handle.
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-holds-strong-trendline-support-good-to-go-long-on-dips-234421) has achieved all targets.
- The pair trades -0.48% lower at 0.7260, recovering slightly from a dip to session lows struck at 0.7252.
- The pair is holding above minor support at 0.7252 , Chinese trade data awaited.
- Techs on 2-hourly charts are highly bearish, Stochs, RSI and MACD are biased lower.
- Focus now on Chinese trade data, a 5% decline in exports and 6.2% decline in imports expected.
- Sliding Chinese exports could weigh on the commodity currencies like the Kiwi.
- Break below 0.7252 could see downside upto 0.72 levels. Bearish invalidation only on break above 0.73.
Trade Idea: Go short on break below 0.7252, SL: 0.7280, TP: 0.7215/0.72/0.7155
