EUR/NZD breaks 100-DMA, good to short rallies
EUR/NZD has broken below 100-DMA support at 1.6756, intraday bias lower.
The pair is trading with a bearish bias, technical studies support further downside.
Price action has dipped below daily Ichi cloud and 23.6% Fib retracement levels.
Bearish divergence on RSI seen. Further, RSI is sharply lower and below 50 levels.
Momentum studies are heavily bearish. We see -ve DMI dominance and ADX supports downside.
Support levels - 1.6355 (38.2% Fib retracement of 1.4534 to 1.7480 rally), 1.6228 (200-DMA), 1.6007 (50% Fib)
Resistance levels - 1.6761 (100-DMA), 1.6782 (5-DMA), 1.6861 (20-DMA)
Good to go short on rallies around 1.6650/60, SL: 1.6770, TP: 1.66/ 1.65/ 1.64/ 1.6355
The pair is trading with a bearish bias, technical studies support further downside.
Price action has dipped below daily Ichi cloud and 23.6% Fib retracement levels.
Bearish divergence on RSI seen. Further, RSI is sharply lower and below 50 levels.
Momentum studies are heavily bearish. We see -ve DMI dominance and ADX supports downside.
Support levels - 1.6355 (38.2% Fib retracement of 1.4534 to 1.7480 rally), 1.6228 (200-DMA), 1.6007 (50% Fib)
Resistance levels - 1.6761 (100-DMA), 1.6782 (5-DMA), 1.6861 (20-DMA)
Good to go short on rallies around 1.6650/60, SL: 1.6770, TP: 1.66/ 1.65/ 1.64/ 1.6355
Kommentera:
Extends grind below 5-DMA. Hits lows of 0.6521. Bias lower.
Kommentera:
* 1.6521
Recovery capped below 5-DMA.