- NZD/USD is extending declines after upside was capped by channel top at 0.7045, pair has slipped below 5&10 day moving averages.
- Downside finds strong trendline support at 0.6898, breaks below could see downside upto 0.6840 levels.
- Momentum on daily charts is higher, with RSI holding above 50 levels. Close above 0.6925 (10-DMA) could see upside.
- Resistance is located at 0.6960 (5-DMA), 0.6966 (March 30/31st highs) and then 0.6983 (April 21st highs).
- On the downside supports are seen at 0.69, 0.6898 (trendline) and then 0.6851 (Apr 12th lows).
- Focus now on the oil and stock markets for further clues ahead of the US flash manufacturing PMI index due later today.
The material has been provided by InstaForex Company – www.instaforex.com