FxWirePro: NZD/USD takes support at 0.6818 'Double Bottom', break below to see further weakness

• NZD/USD down 0.05% on the day, pauses downside after 3 consecutive sessions of losses.
   
• Selling pressure around the NZD gathered steam in Asia after weak China Caixin PMI data.
   
• China's Nov Caixin manufacturing PMI came in at 50.8 in November vs. 50.9 expected and 51.00 last. 
   
• The pair is trading with a bearish bias, fails to hold gains above 20-DMA. 
   
• Downside is now holding support at 0.6818 'Double Bottom', break below will see further weakness.
   
• Scope then for test 0.6780 (Nov 17 lows) and then 0.6750 (trendline support).

Support levels - 0.6818 (double bottom), 0.6809 (61.8% Fib retrace of 0.6347 to 0.7558 rally), 0.6780 (Nov 17 low), 0.6750 (trendline)

Resistance levels - 0.6870 (5-DMA), 0.6881 (20-DMA), 0.6952 (50% Fib), 0.6980 (Nov 9 high)

Recommendation: Good to go short on decisive break below 0.6818, SL: 0.6850, TP: 0.68/ 0.6780/ 0.6750.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -120.618 (Bearish), while Hourly USD Spot Index was at -16.391 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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