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FxWirePro: Strong resistance for NZD/USD at 0.6773, good to sell rallies

Strong trendline resistance for NZD/USD is seen at 0.6773, pair has been rejected at highs by 0.6782 in Thursday's trade.

  • NZD/USD hits session lows at 0.6735 on weakness in oil prices and downbeat NZ consumer confidence data.
     
  • Daily Stochs are at overbought levels and RSI is also biased lower, scope for some consolidation into FOMC next week.
     
  • Strong resistance is seen at 0.6773 (Trendline), while support on the downside is located at 0.6703 (23.6% Fib of 0.6429 to 0.6787 rise).

Recommendation: We find it good to sell rallies around 0.6770, SL: 0.6865, TP1: 0.6700, TP2: 0.6680, TP3: 0.6602

Resistance Levels:

R1: 0.6773 (Trendline)

R2: 0.6782 (Dec 10 high)

R3: 0.6787 (Dec 4 high)

Support Levels:

S1: 0.6703 (23.6% Fib of 0.6429 to 0.6787 rise)

S2: 0.6680 (Daily Tenkan)

S3: 0.6608( Kijun)

S4: 0.6602 (21 DMA)

 

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