FxWirePro: NZD/USD finds strong support at 200-DMA, break below to confirm further weakness
NZD/USD chart - Trading View NZD/USD on track to close in the red for the 3rd straight session. The pair is trading at 0.6774 at 1700 GMT, down 0.30% at the time of writing. U.S. private sector employment growth was lowe…
NZD/USD on track to close in the red for the 3rd straight session.
The pair is trading at 0.6774 at 1700 GMT, down 0.30% at the time of writing.
U.S. private sector employment growth was lower-than-expected, although January’s number was revised sharply higher. The trade deficit in December came in above expectations.
Price action has slipped below 110-EMA and we see scope for further weakness.
200-DMA is major support at 0.6748, break below will accentuate downside.
Technical studies support weakness. RSI is below 50 and biased lower. Stochs are sharply lower.
Upside capped at 0.68 handle, break above could see upside till 21-EMA at 0.6818.
Support levels - 0.6748 (200-DMA), 0.67 (trendline)
