NZD/USD upside running out of momentum, likely target 0.6950
NZD/USD edges higher from session lows of 0.7022. The pair is extending downside from RBNZ led highs of 0.7147.
0.7147 was a yearly high, last seen since June 8th 2015.
Upside in the pair seen capped below double-top at 0.7054. We see a break of trendline support at 0.7054 on Monday's trade.
Price action is seen moving away from upper Bollinger Band. Stochs are also at overbought levels and on the verge of a rollover.
RSI has bounced off from overbought territory and point south. Momentum is fading on the MACD indicator.
Supports on the downside are located at 0.70, 0.6972 (10-DMA) and then 0.6950 (Apr 29th lows).
Upside finds resistance at 0.7054 (double-top), 0.7081 (June 13th high) and then 0.71.
Good to sell rallies around 0.7050, SL: 0.71, TP: 0.70/0.6950
0.7147 was a yearly high, last seen since June 8th 2015.
Upside in the pair seen capped below double-top at 0.7054. We see a break of trendline support at 0.7054 on Monday's trade.
Price action is seen moving away from upper Bollinger Band. Stochs are also at overbought levels and on the verge of a rollover.
RSI has bounced off from overbought territory and point south. Momentum is fading on the MACD indicator.
Supports on the downside are located at 0.70, 0.6972 (10-DMA) and then 0.6950 (Apr 29th lows).
Upside finds resistance at 0.7054 (double-top), 0.7081 (June 13th high) and then 0.71.
Good to sell rallies around 0.7050, SL: 0.71, TP: 0.70/0.6950