NZD/USD weakness to continue, sell rallies - target 0.6670
NZD/USD pulled back from trendline resistance at 0.6834, gave up FOMC-induced gains and hit session lows at 0.6717.
Kiwi bulls were unimpressed after NZ Q3 GDP data on Thursday came in only slightly ahead of forecast, pressure remains on the back of commodity sell-off, and as investor risk appetite returned boosting USD
RSI is biased lower, daily Stochs have showed bearish crossover and rolled back from overbought levels.
The pair is hovering around 10-DMA at 0.6728, breaks below will expose next support by daily Tenkan at 0.6702 and then 0.6680/70 (38.2% Fib retrace of Nov-Dec rally/ trendline support).
Resistance on the upside is at 0.6865 (trendline), bullishness can be seen only on breaks above 200 DMA at 0.6872.
We would sell rallies around 0.6750, SL: 0.68, TP: 0.6670/80
Kiwi bulls were unimpressed after NZ Q3 GDP data on Thursday came in only slightly ahead of forecast, pressure remains on the back of commodity sell-off, and as investor risk appetite returned boosting USD
RSI is biased lower, daily Stochs have showed bearish crossover and rolled back from overbought levels.
The pair is hovering around 10-DMA at 0.6728, breaks below will expose next support by daily Tenkan at 0.6702 and then 0.6680/70 (38.2% Fib retrace of Nov-Dec rally/ trendline support).
Resistance on the upside is at 0.6865 (trendline), bullishness can be seen only on breaks above 200 DMA at 0.6872.
We would sell rallies around 0.6750, SL: 0.68, TP: 0.6670/80
