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FxWirePro: NZD/USD Trade Idea

FxWirePro Currency Strength Index for NZD/USD: Bias Bearish

FxWirePro's Hourly NZD Spot Index was at -121.812 (Bearish)

FxWirePro's Hourly USD Spot Index was at 114.673 (Bullish)

Technical Analysis: Bias Bearish

- Breaks below daily cloud

- Breach at 'Triangle Base' support

- RSI below 50, bias lower, Stochs sharply lower

- -ve DMI crossover on +ve DMI

- MACD shows bearish crossover on signal line

Fundamental Factors:

- Greenback bid across the board as the UST yields hit fresh highs.

- Easing global trade war concerns combined with ongoing peace talks on the Korean peninsula continues to support USD.

Support levels - 0.72, 0.7185 (200-DMA), 0.7153 (March 21 low)

Resistance levels - 0.7261 (61.8% Fib), 0.7291 (20-DMA), 0.73

Recommendation: Good to go short on rallies around 0.7220/30, SL: 0.7265, TP: 0.7185/ 0.7155/ 0.71

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