- NZD/USD is consolidating weakness after breach at 'Triangle base' support.
- The pair is trading in a narrow range, hit session highs at 0.7218 and lows of 0.7198.
- Price is currently struggling to extend weakness below 0.72 handle, bias is bearish.
- The major hovers above 200-DMA at 0.7185, we see extension of weakness only on decisive break below.
- Technical analysis is biased bearish. The pair has broken below daily cloud. RSI below 50, bias lower, Stochs sharply lower.
- With nothing major to influence price action on the data front, the pair is likely to be influenced by sentiment across markets.
- Break below 200-DMA will see test of 61.8% Fib at 0.7031. On the other side, break above daily cloud negates bearish bias.
Support levels - 0.72, 0.7185 (200-DMA), 0.7153 (March 21 low)
Resistance levels - 0.7261 (61.8% Fib), 0.7286 (20-DMA), 0.73
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-Trade-Idea-1265617) is progressing well.
Recommendation: Hold for targets. Watch out for break below 200-DMA for further weakness.
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