- NZD/USD has retreated from strong trendline resistance at 0.6781 in Friday’s trade as the greenback is seen garnering some demand as we head into FOMC later in the week.
- The pair has taken 10 DMA support at 0.6691 and has edges higher to retake the 0.67 handle, is currently trading at 0.6719 .
- Immediate support is seen at 0.6691 (10 DMA & session low) and then at 0.6680 (Daily Tenkan), breaks below could expose 0.6650 (38.2% Fib of Nov/Dec rally).
Recommendation: Good to sell rallies around 0.6720, SL: 0.6785, TP1: 0.6680, TP2: 0.6650 Resistance Levels:R1: 0.6740 (Dec 7 high)R2: 0.6758 (Dec 9 high)R3: 0.6782 (Double day High Dec 10 & 11)Support Levels: S1: 0.6704 (Session low Dec 11)S2: 0.6691 (10 DMA & session low) S3: 0.6680 (Daily Tenkan)
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