Bearish Bat on NZD/USD, good to sell rallies
NZD/USD edged higher to hit 0.73 levels after RBNZ decided to cut cash rate by 25 bps to 1.75%, as widely expected and left doors open for more easing in the future.
Kiwi quickly faded the entire knee-jerk spike and slipped below 0.73 handle.
RBNZ Governor Wheeler's comments on likely intervention weighed heavily on the prices.
Technically, we see scope for downside. Beraish Bat Pattern seen on dailies.
5-DMA is biased lower, along with Stochs and RSI.
Strong support is seen at 0.7214 (20-DMA). Violation there could see further downside.
Major support levels - 0.7214 (20-DMA), 0.72, 0.7180 (Nov 2 lows)
Major resistance levels - 0.73/ 0.7315 (5-DMA), 0.7390 (Trendline)
Good to sell rallies around 0.7255/65, SL: 0.7320, TP: 0.7215/ 0.72/ 0.7180
Kiwi quickly faded the entire knee-jerk spike and slipped below 0.73 handle.
RBNZ Governor Wheeler's comments on likely intervention weighed heavily on the prices.
Technically, we see scope for downside. Beraish Bat Pattern seen on dailies.
5-DMA is biased lower, along with Stochs and RSI.
Strong support is seen at 0.7214 (20-DMA). Violation there could see further downside.
Major support levels - 0.7214 (20-DMA), 0.72, 0.7180 (Nov 2 lows)
Major resistance levels - 0.73/ 0.7315 (5-DMA), 0.7390 (Trendline)
Good to sell rallies around 0.7255/65, SL: 0.7320, TP: 0.7215/ 0.72/ 0.7180
Comment:
TP 1&2 hit, bias lower
