Kiwi remains supported below major resistance levels at 0.6658, sell on rallies
Pair is currently trading at $0.6615 levels. It made intraday high at $0.6645 and $0.6604 levels. Commodity currencies are more affected by falling oil prices. Both crude benchmarks suffered sharp losses, with WTI closin…
It made intraday high at $0.6645 and $0.6604 levels.
Commodity currencies are more affected by falling oil prices. Both crude benchmarks suffered sharp losses, with WTI closing nearly 6% lower, while Brent was down about 7.8% on Tuesday.
Intraday outlook remain bearish for the moment.
Overall trend remain bearish below the $0.6658 levels. A sustainable break of this resistance levels will drag the parity towards $0.6724 levels.
10D EMA has already crossed the 25D and 50D EMA, which supports the bearish trend.
Major support levels are seen at $0.6559, $0.6526 and $0.6492 levels.
Resistance levels are seen at $0.6658, $0.6691 and $0.6724 levels.
We prefer to take short position in NZD/USD around $0.6625 marks, stop loss $0.6670 and target $0.6492 levels.
