FxWirePro: NZD/USD holds 200-DMA support, break below confirms further weakness

NZD/USD chart - Trading View 

• NZD/USD is extending marginal gains for the 2nd straight session.
   
• Upside however remains capped at 5-DMA at 0.6749.
   
• Price action is below cloud and major moving averages, bias is bearish.
   
• The pair has retraced brief dip below 200-DMA which is strong support at 0.6733.
   
• Break below 200-DMA will confirm further weakness. Dip till 61.8% Fib at 0.6632 likely.
   
• On the flipside, break above 5-DMA and retrace into daily cloud could see upside till 0.6830 (cloud top).

Support levels - 0.6733 (200-DMA), 0.6696 (50% Fib)

Resistance levels - 0.6749 (5-DMA), 0.6794 (110-EMA)

Recommendation: Watch out for break below 200-DMA to go short.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.