- NZD/USD hovers around 50-day MA at 0.7247, momentum studies neutral.
- The pair has taken major trendline support at 0.7228 and has edged higher to currently trade at 0.7265 levels.
- We see weakness on break of trendline support (0.7228), test of 38.2 % Fib at 0.7175 then likely.
- Violation there could see test of 0.7140 and then 0.7086 (Aug 8 lows).
- Major support levels - 0.7228 (trendline), 0.7220 (Sept 26 low), 0.72 (cloud top)
- Major resistance levels - 0.7294 (23.6% Fib), 0.73, 0.7311 (20-DMA), 0.7369 (Sept 22 high)
Recommendation: Good to go short on break below 0.7228, SL: 0.73, TP: 0.7175/ 0.7140/ 0.71/ 0.7086
