FxWirePro
Short

NZD/USD breaks below 50-DMA, 100-DMA at 0.7140 in sight

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
215 3 6
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
Comment: Dollar index turns positive after surprisingly strong U.S. ISM services data

NZD/USD hits lows of 0.7148. Bias lower.
what should we do now
Reply
FxWirePro insane844
Would advise booking partial profits. Lower trailing stops to 0.72, target 0.7140.

Bias is lower, but we see strong support by 100-DMA at 0.7140.

Only break below will see further drag.
Reply
insane844 FxWirePro
Great
Thank you
Reply
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