NZD/USD on track to test 100-DMA at 0.7131, stay short
NZD/USD rejected at 20-DMA in last week's trade, currently slips below 5-DMA.
Technical studies are biased lower, RSI has slipped below 50 and points south. Stochs are biased lower and MACD supports trend lower.
Downside bias in the pair likely to see test of 100-DMA at 0.7131. Violation there could see drag upto 0.7058 (61.8% Fib retrace of 0.6862 to 0.7375 rise).
Support levels - 0.7146 (Feb 15 low), 0.7131 (100-DMA), 0.7114 (50-DMA), 0.7058 (61.8% Fib)
Resistance levels - 0.7192 (5-DMA), 0.72, 0.7246 (20-DMA), 0.7254 (23.6% Fib)
Good to short on rallies around 0.7175/80, SL: 0.7250, TP: 0.7130/ 0.71/ 0.7060
Technical studies are biased lower, RSI has slipped below 50 and points south. Stochs are biased lower and MACD supports trend lower.
Downside bias in the pair likely to see test of 100-DMA at 0.7131. Violation there could see drag upto 0.7058 (61.8% Fib retrace of 0.6862 to 0.7375 rise).
Support levels - 0.7146 (Feb 15 low), 0.7131 (100-DMA), 0.7114 (50-DMA), 0.7058 (61.8% Fib)
Resistance levels - 0.7192 (5-DMA), 0.72, 0.7246 (20-DMA), 0.7254 (23.6% Fib)
Good to short on rallies around 0.7175/80, SL: 0.7250, TP: 0.7130/ 0.71/ 0.7060
200-DMA is strong support at 0.7130.
Book partial profits. Bias lower, stay short.