NZD/USD hovers around 5-DMA, but remains capped below major trendline resistance at 0.70.
A follow through greenback recovery, with DXY reclaiming the key 100.00 psychological mark, has been weighing on the major.
The pair trades with a bearish bias, scope for test of 0.6895 (trendline support).
Price action is below daily cloud and major moving averages, technicals also bearish on intraday charts.
Support levels - 0.6972 (78.6% Fib retrace of 0.68621 to 0.73756 rally), 0.6920 (88.6% Fib), 0.6890 (Mar 9 low)
Resistance levels - 0.7026 (5-DMA), 0.7058 (61.8% Fib), 0.7093 (100-DMA)
Good to go short on rallies around 0.7025/35, SL: 0.7095, TP: 0.6970/ 0.6920/ 0.69
A follow through greenback recovery, with DXY reclaiming the key 100.00 psychological mark, has been weighing on the major.
The pair trades with a bearish bias, scope for test of 0.6895 (trendline support).
Price action is below daily cloud and major moving averages, technicals also bearish on intraday charts.
Support levels - 0.6972 (78.6% Fib retrace of 0.68621 to 0.73756 rally), 0.6920 (88.6% Fib), 0.6890 (Mar 9 low)
Resistance levels - 0.7026 (5-DMA), 0.7058 (61.8% Fib), 0.7093 (100-DMA)
Good to go short on rallies around 0.7025/35, SL: 0.7095, TP: 0.6970/ 0.6920/ 0.69
Comment:
TP 2 hit. The pair has edged higher from 0.6920.
Bias remains lower as long as pair remains capped below falling trendline resistance.
Book partial profits at lows, lower trailing stop to 0.6975, hold for 0.69.
Bias remains lower as long as pair remains capped below falling trendline resistance.
Book partial profits at lows, lower trailing stop to 0.6975, hold for 0.69.
Approaching TP1.
Bias lower, stay short.