NZD/USD finds strong support at 0.7070, break targets 0.7020
NZD/USD halts 2 days of uptrend, slips from session highs of 0.7124, intraday bias lower.
Data released earlier showed that NZ’s June Business Confidence jumped to 20.2 from 11.3 in May, the highest since December.
The pair finds strong support at 0.7070 (rising trendline and 5-DMA), break below could accentuate downside.
Next support below 0.7070 is seen at 0.7059 (20-DMA) and then 0.7040 (June 29th low).
On the flipside, resistance is seen at 0.71, 0.7136 (June 29th high) and then 0.7148 (June 9th high).
Trade idea: Go short on breaks below, SL: 0.71, TP: 0.7055/ 0.7020
Further weakness could see test of 0.6980
Data released earlier showed that NZ’s June Business Confidence jumped to 20.2 from 11.3 in May, the highest since December.
The pair finds strong support at 0.7070 (rising trendline and 5-DMA), break below could accentuate downside.
Next support below 0.7070 is seen at 0.7059 (20-DMA) and then 0.7040 (June 29th low).
On the flipside, resistance is seen at 0.71, 0.7136 (June 29th high) and then 0.7148 (June 9th high).
Trade idea: Go short on breaks below, SL: 0.71, TP: 0.7055/ 0.7020
Further weakness could see test of 0.6980