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 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.