NZD/USD: Daily Double Top, Target 0.6720?
NZD/USD remains within the rising daily channel, but is starting to make
a case for a breakout to the downside with a double top at the mid way
point of the 0.70 handle and another set of down intra-sessions.
NZD/USD
lost the 0.69 handle and has been sold off with broad based USD
strength, although the commodity bloc has been the hit the hardest while
oil and industrial metals have tanked again.
NZD/USD levels
NZD/USD
has been losing steam in the rising channel commencing mid January of
this year. To the downside, the 20 dma at 0.6902 was broken, (low 0.6859
so far) and the rising support line has come in to jeopardy with next
key level located at 0.6720 after the double top on the daily sticks. On
a break of the 2016 highs, the next major target comes on the weekly
sticks with Jan 2015 lows of 0.7176 ahead of the 100 weekly sma at
0.7284.
