- NZD/USD unable to hold gains above 200-DMA, slips lower to break below 61.8% Fib level.
- The pair has pared some losses to edge higher from session lows at 0.6971, bias lower.
- Technical studies point to downside on the day. RSI, Stochs and MACD are biased lower.
- Major support levels - 0.6984 (61.8% Fib), 0.6951 (July 21 low & weekly 50-SMA), 0.69
- Major resistance levels - 0.70, 0.7025 (5-DMA), 0.7032 (200-DMA)0.7080 (50% Fib)
Recommendation: Good to go short on rallies around 0.70, SL: 0.7050, TP: 0.6951/ 0.69/ 0.6875/ 0.6850
FxWirePro's Hourly NZD Spot Index was at 17.3947 (Neutral), while Hourly USD Spot Index was at 27.3979 (Neutral) at 0620 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
