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FxWirePro: NZD/USD holds above 0.70 handle, intraday bias lower

Overnight recovery in the pair lost legs just shy of 10-DMA barrier at 0.7082. Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-hovers-around-070-handle-intraday-bias-higher-240368) has achieved all targets…

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FxWirePro: NZD/USD holds above 0.70 handle, intraday bias lower
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  • Overnight recovery in the pair lost legs just shy of 10-DMA barrier at 0.7082. 
     
  • Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-hovers-around-070-handle-intraday-bias-higher-240368) has achieved all targets.
     
  • Lower oil prices and mixed sentiment on the Asian equities dampened the sentiment around the higher-yielding Kiwi.
     
  • NZD/USD slumps sharply to hit session low of 0.7005, has recoverd some losses to currently trade around 0.7040.
     
  • Intraday bias is lower, pair struggling at 4H cloud base, 10-DMA currently at 0.7059 is stiff resistance above.
     
  • Strong trendline support seen at 0.7020, break below required for further downside.
    ​

Recommendation: Short break below 0.7020, SL: 0.7055, TP: 0.70/ 0.6985
 

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