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0.6720 strong support for NZD/USD, weakness only on breaks below

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
195 0 3
The New Zealand dollar             was down around 1.2 percent on the day to hit 0.6745 against the Greenback in light trade with financial markets there shut for a public holiday.

Downside has been capped at 0.6745, the pair has edged higher from session lows and is currently trading at 0.6768.

Strong support is seen at 0.6720 (rising trendline support), further weakness seen on breaks below, 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.

Resistance Levels:

R1: 0.6780 ( Dec             21 high)

R2: 0.6805 (10-DMA)

R3: 0.6842 (200-Day MA)

Support Levels:

S1: 0.6745 (Session low Jan 4)

S2: 0.6720 (rising trendline support)

S3: 0.67 ( Dec             14 low, psychological level)
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