- NZD/USD is extending previous session's retracement from fresh 9-month highs at 0.7387.
- The major has likely formed a 'triple top' and that coupled with bearish divergence on RSI and Stochs suggests an impending correction.
- US weekly jobless claims, Philly Fed Manufacturing Index and CB's Leading Index in focus now for further direction.
- Immediate support on the downside seen at 0.7299 (20-DMA), break below will see weakness.
- On the flipside, breakout 0.74 could see extension of upside.
Support levels - 0.7299 (20-DMA), 0.7259 (23.6% Fib retrace of 0.68176 to 0.73873 rally), 0.72
Resistance levels - 0.7387 (July 19 high), 0.7403 (Nov 8 2016 high), 0.7485 (Sept 7 2016 high)
Recommendation: Watch out for break below 20-DMA for weakness
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -87.1088 (Bearish), while Hourly USD Spot Index was at 29.6546 (Neutral) at 1040 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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