- Upbeat ANZ business confidence data for Dec offering the kiwi a slight boost.
- NZD/USD holds minor trendline support at 0.6955 to edge higher.
- We see a spinning top formation, bulls struggling to extend upside.
- Bearish bias in the pair intact after breach of 200-DMA.
- Support levels - 0.6955 (trendline), 0.6930 (trendline), 0.6916 (50% Fib of 0.6347 to 0.74854 rally), 0.6892 (June 7 low)
- Resistance levels - 0.7050 (38.2% Fib), 0.7057 (5-DMA), 0.7067 (200-DMA)
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-slips-below-major-moving-averages-good-to-sell-rallies-454294) has achieved all targets.
Recommendation: Good to sell rallies around 0.6980/0.70, SL: 0.7050, TP: 0.6930/ 0.69/ 0.6890
FxWirePro's Hourly NZD Spot Index was at -129.874 (Highly Bearish), while Hourly USD Spot Index was at 88.1808 (Bullish) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
