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FxWirePro: NZD/USD holds 200-DMA support, bearish divergence keeps scope for downside

NZD/USD chart on Trading View used for analysis

  • NZD/USD is trading 0.26% lower on the day at 0.6854 at the time of writing.
     
  • The pair finds major support at 0.6850 (converged 20 and 200-DMA). Weakness only on break below.
     
  • The pair has been extending grind along 200-DMA support from the past 5 sessions.
     
  • We evidence bearish divergence on RSI and Stochs which keeps scope for downside.
     
  • Break below 0.6850 will see weakness till next support at 38.2% Fib at 0.6761. 
     
  • The major has been on an uptrend since Oct and bounce off 200-DMA will see resumption of upside.

Support levels - 0.6850 (200-DMA), 0.6831 (21-EMA), 0.6761 (38.2% Fib)

Resistance levels - 0.6866 (5-DMA), 0.6939 (Upper BB), 0.6969 (Dec 4 high)

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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