- NZD/USD halts 2 days of uptrend, slips from session highs of 0.7124, intraday bias lower.
- Data released earlier showed that NZ’s June Business Confidence jumped to 20.2 from 11.3 in May, the highest since December.
- The pair finds strong support at 0.7070 (rising trendline and 5-DMA), break below could accentuate downside.
- Next support below 0.7070 is seen at 0.7059 (20-DMA) and then 0.7040 (June 29th low).
- On the flipside, resistance is seen at 0.71, 0.7136 (June 29th high) and then 0.7148 (June 9th high).
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-capped-below-stiff-resistance-at-07054-further-upside-only-on-break-above-228230) has achieved all targets.
Trade idea: Good to sell rallies around 0.7090, SL: 0.7130, TP: 0.7070/ 0.7055/ 0.7020
