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NZD/USD capped at 50% Fib, slips back below 200-DMA, stay short

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
175 0 4
NZD/USD             retrace capped at 50% Fib, slips back below 200-DMA, breaks below 61.8% Fib level.

The pair has pared some losses to edge higher from session lows at 0.6971, bias lower.

Technical studies point to downside, RSI , Stochs and MACD are biased lower.

Strong support seen at 0.6951 (weekly 50-SMA, violation there could see further drag.

Bearish invalidation above 0.7080 level.

Support levels - 0.6984 (61.8% Fib), 0.6951 (July 21 low & weekly 50-SMA), 0.69

Resistance levels - 0.70, 0.7025 (5-DMA), 0.7032 (200-DMA)0.7080 (50% Fib)

Good to go short on rallies around 0.70, SL: 0.7050, TP: 0.6951/ 0.69/ 0.6875/ 0.6850
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