NZD/USD breaks major support at 0.6720, good to sell rallies

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
246 0 5
NZD/USD             breaks major wedge base support at 0.6720 and closes lower in Tuesday's trade at 0.6703.

The pair is down on the day at fresh five-week lows, currently trading at 0.6654 in the Asian session, battered for a third day today.

The bearish pressure on the Kiwi mounting as weak Chinese data and drop in the dairy prices continue to dampen the sentiment.

Technicals point south: 5&10-DMAs show bearish crossover, break and close below strong support at 0.6720, MACD line crosses below signal line, RSI is at 43 and points south, Stochs sharply lower.

Also, on the weekly charts, Stochs have rolled-over from overbought zone with a bearish crossover and RSI has dipped below 50 levels after brief spike above and points south.

Good to sell rallies around 0.6660, SL: 0.67, TP: 0.6610/0.66/0.6580

Resistance Levels:

R1: 0.6708 (Session high Jan 6)

R2: 0.6720 ( Wedge base)

R3: 0.6754 (5-DMA)

Support Levels:

S1: 0.6632 (session lows Jan 6)

S2: 0.6611 (Dec 7 lows)

S3: 0.6682 (cloud top)
Trade closed: target reached: The trade was closed around 0.6590 levels. We see some reversal in trend. Might go long on confirmation .
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