Short NZD/USD break below 0.7252, target 0.7210
NZD/USD rallied to hit new 1-year highs of 0.7324 on Tuesday, but was unable to hold gains above the 0.73 handle.
The pair trades -0.48% lower at 0.7260, recovering slightly from a dip to session lows struck at 0.7252.
The pair is holding above minor support at 0.7252 , Chinese trade data awaited.
Techs on 2-hourly charts are highly bearish, Stochs, RSI and MACD are biased lower.
Focus now on Chinese trade data, a 5% decline in exports and 6.2% decline in imports expected.
Sliding Chinese exports could weigh on the commodity currencies like the Kiwi.
Break below 0.7252 could see downside upto 0.72 levels. Bearish invalidation only on break above 0.73.
Trade Idea: Go short on break below 0.7252, SL: 0.7280, TP: 0.7215/0.72/0.7155
The pair trades -0.48% lower at 0.7260, recovering slightly from a dip to session lows struck at 0.7252.
The pair is holding above minor support at 0.7252 , Chinese trade data awaited.
Techs on 2-hourly charts are highly bearish, Stochs, RSI and MACD are biased lower.
Focus now on Chinese trade data, a 5% decline in exports and 6.2% decline in imports expected.
Sliding Chinese exports could weigh on the commodity currencies like the Kiwi.
Break below 0.7252 could see downside upto 0.72 levels. Bearish invalidation only on break above 0.73.
Trade Idea: Go short on break below 0.7252, SL: 0.7280, TP: 0.7215/0.72/0.7155
