NZD/USD short setup
NZD/USD has failed to hold break above 200-DMA, slips lower .
Holds support at 20-DMA at 0.6746.
Technical indicators on daily charts are turning bearish. RSI has turned and Stochs are on verge of rollover from o/b levels.
Break below 20-DMA could see weakness till cloud base support at 0.6697. Bearish invalidation only above 200-DMA.
Support levels - 0.6746 (20-DMA), 0.6707 (Jan 8 low), 0.6697 (cloud base), 0.6635 (Trendline)
Resistance levels - 0.6789 (200-DMA), 0.6798 (5-DMA), 0.69 (50% Fib)
Stay short on break below 20-DMA, SL: 0.6790, TP: 0.67/ 0.6640
Holds support at 20-DMA at 0.6746.
Technical indicators on daily charts are turning bearish. RSI has turned and Stochs are on verge of rollover from o/b levels.
Break below 20-DMA could see weakness till cloud base support at 0.6697. Bearish invalidation only above 200-DMA.
Support levels - 0.6746 (20-DMA), 0.6707 (Jan 8 low), 0.6697 (cloud base), 0.6635 (Trendline)
Resistance levels - 0.6789 (200-DMA), 0.6798 (5-DMA), 0.69 (50% Fib)
Stay short on break below 20-DMA, SL: 0.6790, TP: 0.67/ 0.6640
Slips below 20-DMA, eyes cloud base at 0.6697.
Breach at cloud base support eyes 0.6632 (converged trendline and 61.8% Fib)