NZD/USD has retreated from strong trendline resistance at 0.6781 in Friday's trade as the greenback is seen garnering some demand as we head into FOMC later in the week.
- The pair has taken 10 DMA support at 0.6691 and has edges higher to retake the 0.67 handle, is currently trading at 0.6719 .
- Immediate support is seen at 0.6691 (10 DMA & session low) and then at 0.6680 (Daily Tenkan), breaks below could expose 0.6650 (38.2% Fib of Nov/Dec rally).
Recommendation: Good to sell rallies around 0.6720, SL: 0.6785, TP1: 0.6680, TP2: 0.6650
Resistance Levels:
R1: 0.6740 (Dec 7 high)
R2: 0.6758 (Dec 9 high)
R3: 0.6782 (Double day High Dec 10 & 11)
Support Levels:
S1: 0.6704 (Session low Dec 11)
S2: 0.6691 (10 DMA & session low)
S3: 0.6680 (Daily Tenkan)
