NZD/USD has been unable to hold the bounce from 0.6428 levels, the pair was rejected at highs near 0.6605 on Friday and price action has once again dipped below the cloud, RSI is biased lower
Continued rout in base metals, especially copper weighing on commodity currencies like the NZD today. The pair opened Asia 0.6559, extended to 0.6561 top before continuing to slip lower now through 0.6515 5-DMA support to 0.6502 base
Inability to hold bounce puts focus lower, 0.6488 61.8% Fib retrace of Sep/Oct rally is next support below 0.6500, breaks below could take the pair to 0.6428 and then 0.6385
Resistance is located at 0.6546 (cloud base) ahead of 0.6590 (trendline) and then 0.6606 (38.2 % Fibo Oct 15th - Nov 18th fall)
We would go short on breaks below 0.6500, SL: 0.6595, TP1: 0.6428, TP2: 0.6385
Continued rout in base metals, especially copper weighing on commodity currencies like the NZD today. The pair opened Asia 0.6559, extended to 0.6561 top before continuing to slip lower now through 0.6515 5-DMA support to 0.6502 base
Inability to hold bounce puts focus lower, 0.6488 61.8% Fib retrace of Sep/Oct rally is next support below 0.6500, breaks below could take the pair to 0.6428 and then 0.6385
Resistance is located at 0.6546 (cloud base) ahead of 0.6590 (trendline) and then 0.6606 (38.2 % Fibo Oct 15th - Nov 18th fall)
We would go short on breaks below 0.6500, SL: 0.6595, TP1: 0.6428, TP2: 0.6385
