The NZD/USD pair is trading slightly higher, from yesterdays close, currently it is approaching support level at 0.6775, a break at that level will take the pair towards 0. pair is set to resume its bearish momentum sooner, and hence it's good to sell this pair on rallies.
- To the upside, the strong resistance can be seen at 0.6802, a break above this level would take the pair towards next resistance level at 0.6850 levels.
To the downside immediate support can be seen at 0.6775 (50% Retracement level), a break below this level will open the door towards next level at 0.6745 (38.2% Retracement level).
Recommendation: Go short below 0.6800, targets 0.6755, 0.6710, SL 0.6860
Resistance Levels
R1: 0.6802 (61.8% Retracement level)
R2: 0.6820 (Daily high)
R3: 0.6843 (Oct 20th high)
Support Levels
S1: 0.6775 (50% Retracement level)
S2: 0.6745(38.2% Retracement level)
S3: 0.6710 (23.6% Retracement level)
