NZD/USD breaks below 50-DMA, 100-DMA at 0.7140 in sight
NZD/USD rejected at 20-DMA on Tuesday's trade, slips below 0.72 handle.
The pair breached 50-DMA support on Tuesday and edged lower to break major trendline support which aligns at 0.72.
Momentum studies are bearish, we see scope for test of 100-DMA at 0.7140.
Bearish invalidation only above 20-day MA at 0.7287.
Major support levels - 0.7155 (61.8% Fib), 0.7158 (Aug 10 low), 0.7140 (Aug 3 lows)
Major resistance levels - 0.72 (trendline), 0.7258 (50-DMA), 0.7287 (20-DMA)
Our previous call (link below) has hit all targets.
Book partial profits, lower stops to 0.7258, target 0.7140.
Fresh shorts can be entered at rallies around 0.72/0.7210, SL: 0.7260, TP: 0.7155/ 0.7140/ 0.71
The pair breached 50-DMA support on Tuesday and edged lower to break major trendline support which aligns at 0.72.
Momentum studies are bearish, we see scope for test of 100-DMA at 0.7140.
Bearish invalidation only above 20-day MA at 0.7287.
Major support levels - 0.7155 (61.8% Fib), 0.7158 (Aug 10 low), 0.7140 (Aug 3 lows)
Major resistance levels - 0.72 (trendline), 0.7258 (50-DMA), 0.7287 (20-DMA)
Our previous call (link below) has hit all targets.
Book partial profits, lower stops to 0.7258, target 0.7140.
Fresh shorts can be entered at rallies around 0.72/0.7210, SL: 0.7260, TP: 0.7155/ 0.7140/ 0.71
NZD/USD hits lows of 0.7148. Bias lower.