FxWirePro: NZD/USD resumes downside after brief consolidation on Monday, eyes 200-DMA at 0.7131

NZD/USD resumes downside after brief consolidation on Monday's trade, bias lower.

Renewed buying interest seen in the greenback in the Asian hours on the back of a rebound in US treasury yields.

Investors gear up for a series of speeches from Fed policymakers later in the NY session today and in the week ahead.

NZD/USD capped below 5-DMA, bears in control, eyes 200-DMA at 0.7131.

Violation there could see drag upto 0.7058 (61.8% Fib retrace of 0.6862 to 0.7375 rise).

Technicals heavily bearish. Bearish invalidation only above 20-DMA at 0.7242. 

Support levels - 0.7146 (Feb 15 low), 0.7131 (100-DMA), 0.7114 (50-DMA), 0.7058 (61.8% Fib)

Resistance levels - 0.7192 (5-DMA), 0.72, 0.7246 (20-DMA), 0.7254 (23.6% Fib)

TIME  TREND INDEX  OB/OS INDEX  
 
1H          Bearish               Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Neutral                Neutral  

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-on-track-to-test-100-DMA-at-07131-good-to-go-short-on-rallies-547468) is progressing well.

Recommendation: Hold for targets. 

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -144.017(Highly Bearish), while Hourly USD Spot Index was at 89.3087 (Bullish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.