- NZD/USD has been rejected at session highs by 0.6693 and has edged lower to currently trade around 0.6680 levels.
- The Kiwi has been softer of late due to speculation that the RBNZ could cut again as soon as April's meeting.
- The pair has remained relatively stable and has extended downside despite the US GDP figures beating estimates.
- We had advised a short call for the pair around 0.6770 levels (http://www.econotimes.com/FxWirePro-NZD-USD-sees-strong-resistance-at-06870-good-to-sell-rallies-181819).
- The pair has hit lows of 0.6668 till now, momentum still with the bears, bearish invalidation only above 0.67 levels.
- The pair finds immediate support at 0.6657 (Mar 14th lows) and resistance at 0.6702 (5-DMA).
- Focus remains on a slew of data from the U.S. ISM manufacturing, Employment Report and PCE inflation for February being the highlights.
Recommendation: Book partial profits, lower trailing stop to 0.6710, hold for TP:0.6615
The material has been provided by InstaForex Company – www.instaforex.com