FxWirePro: NZD/USD rejected at major resistance, break below 5-DMA (0.7365) to see further weakness

• NZD/USD rejected at major trendline resistance at 0.7435, slips below to currently trade below 0.74 handle.
   
• We see a spinning top formation at highs which raises scope for further downside.
   
• 5-DMA at 0.7365 is immediate support, break below will see further drag.
   
• Scope for upside seen only on decisive break above major trendline resistance at 0.7435.
   
• Break below 0.7365 could see test of 20-DMA at 0.7324. Violation at 20-DMA invalidates bullish bias.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-hovers-around-20-DMA-at-07307-breakout-to-see-further-upside-1149550) has hit all targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 93.0328 (Bearish), while Hourly USD Spot Index was at -42.3816 (Neutral) at 1200 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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