FxWirePro: Strong support for NZD/USD at 0.6720, further weakness only on breaks below
The New Zealand dollar down around 1.2 percent on the day to 0.6745 against the Greenback in light trade with financial markets there shut for a public holiday. NZD/USD pair should be on its way to achieve further lows t…
The New Zealand dollar down around 1.2 percent on the day to 0.6745 against the Greenback in light trade with financial markets there shut for a public holiday.
NZD/USD pair should be on its way to achieve further lows the days ahead, the rise from Nov lows has not been supported by volumes.
Techs point lower, Stochs have rolled over from overbought levels, RSI shows divergence to price rise, suggesting further downside.
Strong support for NZD/USD at 0.6720 (rising trendline support), breaks below would confirm further weakness, pair could then test 0.6680 (Dec 18 lows), further downside could target 0.66 levels.
On the flipside resistance is seen at 0.6780 (Dec 21 high) ahead of 10-DMA at 0.6805, close above would negate the bearish bias.
