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NZD/USD breaks below 100-DMA, good to sell rallies

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
250 1 7
2 months ago
NZD/USD             breaks below 100-DMA at 0.7147 to hit fresh 4-week lows of 0.7125, intraday bias lower.

Kiwi extends weakness after market pricing for a Nov OCR cut has eased after upbeat NZ             business confidence data.

Markets await US non-farm-payroll figures for further momentum .

The lead indicators - PMI employment sub-indices, US consumer confidence, jobless claims suggest strong NFP figure.

Technicals are bearish , we see scope for further downside, test of 0.7086 levels likely.

Major support levels - 0.7086 (Aug 8 lows), 0.7026 (trendline), 0.70, 0.6969 (June 16 and 24 low)

Major resistance levels - 0.7147 (100-DMA), 0.7190 (5-DMA), 0.72, 0.7235 (trendline)

Good to sell rallies around 0.7150, SL: 0.7235, TP: 0.71/ 0.7086/ 0.7026/ 0.70
2 months ago
Comment: TP 1&2 achieved.

NZD/USD edges higher from session lows at 0.7050.

Focus now on FOMC minutes.

Book partial profits, lower trailing stop to 0.7120
happyluckydog
2 months ago
thanks for your view point.

may retest 0.72 i think but it is headed down in big picture.

personally may test again 0.65 as compared with monthly chart later of this year.

Like gbp usd , who know it is already tested 1.2 in last week!
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