NZD/USD slips below 100-DMA, short rallies
NZD/USD bias turns lower after rejection at major trendline resistance at 0.7265 on Thursday's trade.
The pair is extending grind lower, has broken below major supports - 20-DMA (0.7186), 100-DMA (0.7184), 38.2% Fib (0.7175).
Hawkish comments from Fed's Dudley which revived hopes of a Fed hike by the end of this year further weighing on higher-yielding currencies - like Kiwi.
Technical indicators on daily charts support bearish bias, RSI and Stochs are biased lower, MACD remains below zero.
Major support levels - 0.7109 (Oct 7 low), 0.7080 (50% Fib), 0.7055 (trendline)0.7035 (Oct 13 low)
Major resistance levels - 0.7175 (38.2% Fib), 0.7184 (100-DMA), 0.7250 (falling trendline)
Good to sell rallies around 0.7175/80, SL: 0.7250, TP: 0.7135/ 0.71/ 0.7080/ 0.7055
The pair is extending grind lower, has broken below major supports - 20-DMA (0.7186), 100-DMA (0.7184), 38.2% Fib (0.7175).
Hawkish comments from Fed's Dudley which revived hopes of a Fed hike by the end of this year further weighing on higher-yielding currencies - like Kiwi.
Technical indicators on daily charts support bearish bias, RSI and Stochs are biased lower, MACD remains below zero.
Major support levels - 0.7109 (Oct 7 low), 0.7080 (50% Fib), 0.7055 (trendline)0.7035 (Oct 13 low)
Major resistance levels - 0.7175 (38.2% Fib), 0.7184 (100-DMA), 0.7250 (falling trendline)
Good to sell rallies around 0.7175/80, SL: 0.7250, TP: 0.7135/ 0.71/ 0.7080/ 0.7055
Comment:
TP1&2 hit.