FxWirePro: NZD/USD slips below 0.71 handle, good to sell rallies
Kiwi extends weakness on a broad based US dollar strength and decline in the GDT price index. NZD/USD prints new 1-week lows of 0.7089, slipping from highs of 0.7240 hit on Monday. Data released early today showed intern…
Kiwi extends weakness on a broad based US dollar strength and decline in the GDT price index.
NZD/USD prints new 1-week lows of 0.7089, slipping from highs of 0.7240 hit on Monday.
Data released early today showed international dairy prices edged down at the latest auction. The GDT price index fell by 0.4 percent since the previous sale last month.
On the Technical side, price action in the pair has slipped below 20-DMA, intraday bias is lower. Stochastics and RSI point south.
Downside finds next strong support at 0.7075 (trendline), break below 0.7075 could see test of 0.6970 levels.
On the upside resistance aligns at 0.71 (20-DMA), 0.7127 (10-DMA) and then 0.7156 (session highs).
Recommendation: Good to sell rallies around 0.7090, SL: 0.7150, TP: 0.7050/ 0.70/ 0.6970
