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Short

Short NZD/USD rallies, target 0.7230

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
274 0 13
NZD/USD             breaks below 2H 20-SMA at 0.7266, bias lower.

The pair finds next major trendline support at 0.7230.

Techs support downside: Stochs, RSI biased lower. Bearish MACD crossover seen.

Further weakness on break of trendline support (0.7230), test of 38.2 % Fib at 0.7175 then likely.

Violation there could see test of 0.7140 and then 0.7086 (Aug 8 lows).

Focus now on Deutsche Bank news and US ISM manufacturing release due later in the day.

Major support levels - 0.7230 ( trendline ), 0.7220 (Sept 26 low), 0.72, 0.7175 (38.2 % Fib)

Major resistance levels - 0.7294 (23.6% Fib), 0.73, 0.7309 (20-DMA), 0.7369 (Sept 22 high)

Good to go short rallies around 0.7265/70, SL: 0.7310, TP: 0.7230/ 0.72/ 0.7175
Comment: All targets hit.

Bias remains lower.

Stay put for updates.
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