• 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

    Fundamental Factors:
    - 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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