- NZD/USD bounced back from 0.6620 level and testing resistance at 0.6714.
- Short rally around 0.6730 should be taken as advantage for selling opportunities, As NZD dollar is weak against the US dollar in the short term due to dollar demand as safe heaven.
- The pair is currently is trading at 0.6710, it is expected decline further towards 0.6650 and 0.6600 in the short term.
- To the upside, the strong resistance lies at 0.6741(61.8% Retracement level), a break above this level would take it to upside to next resistance level at 0.6770. To the down side immediate support can be seen at 0.6694 (38.2% Retracement level).
Recommendation: Go short below 0.6900, targets 0.6840, 0.6770, SL 0.6980
Resistance Levels
R1: 0.6718
R2: 0.6741(61.8% Retracement level of 0.6816 to 0.6619)
R3: 0.6770
Support Levels
S1: 0.6694 (38.2% Retracement level)
S2: 0.6680
S3: 0.6665(23.6% Retracement level)
