FxWirePro: NZD/USD trade idea
Source: FxWire Pro - Technicals / 19 Jul 2018 06:43:24 America/New_York
FxWirePro Currency Strength Index for NZD/USD: Bias Bearish
FxWirePro's Hourly USD Spot Index was at -153.224 (Bearish)
FxWirePro's Hourly USD Spot Index was at 146.267 (Bullish)
Technical Analysis: Bias Bearish
- Recovery capped at 21-EMA
- Consolidates channel breach on weekly charts
- Price action below major moving averages
- Stochs and RSI are biased lower and MACD well below zero levels
- Broad USD strength and weakness in the commodity space dents the antipodeans.
Support levels - 0.6725 (July 13 low), 0.67, 0.6685 (trendline support)
Resistance levels - 0.6771 (5-DMA), 0.6811 (21-EMA), 0.6840 (July 17 high)
Recommendation: Good to stay short on upticks, SL: 0.6820, TP: 0.6685
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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