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Short

NZD/USD Short term Outlook

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
128 0 1
RES 4: 0.7740 ( Apr             22nd high)

RES 3:0.7678 (Cloud bottom

RES 2: 0.7640 (20 day HMA )

RES 1: 0.7619 (200 day HMA )

PRICE:0.7550 @7:14 GMT            

SUP 1: 0.7545 ( 61.8% retracement of 0.7420 and 0.7732)

SUP 2: 0.7480 ( Apr             15th low)

SUP 3:0.7420 ( Apr             13th low)

SUP 4: 0.7390 ( Apr             1st low)

Commentary:

NZD/USD             has formed almost a double top around 0.7738 and retreated from that level. This confirms short term bearishness, a decline till 0.7420 cannot be ruled out.

On the downside minor support is around 0.7545 and break below drag the pair further down till 0.7480/0.7420.

It is good to sell on rallies around 0.7560 with stop around 0.7610 for the target of 0.7420.


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