- NZD/USD edges higher from session lows at 0.6818, is currently trading at 0.6837 levels.
- The pair has held minor support at 0.6817 (May 11 lows), break below will see further downside.
- Technical studies are bearish, momentum with the bears, MACD supports downtrend.
- We notice -ve DMI dominance and ADX is above 25 levels and biased higher.
- Technical studies on weekly charts are also heavily bearish, which suggests continuation of downside.
Support levels - 0.6818 (May 11 lows), 0.68, 0.6716 (61.8% Fib retrace of 0.61968 to 0.7558 rally), 0.67
Resistance levels - 0.6885 (5-DMA), 0.69, 0.7038 (38.2% Fib), 0.7057 (20-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-consolidates-break-below-070-handle-bias-lower-good-to-short-rallies-963553) has hit all targets.
Recommendation: Watch out for break below 0.6818 to go short, target 0.68/ 0.6750/ 0.6720/ 0.67
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -0.887558 (Bearish), while Hourly USD Spot Index was at 137.082 (Neutral) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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