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
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FxWirePro PRO 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.
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insane844 FxWirePro
Great
Thank you
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