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Short NZD/USD strong support at 0.6972, stay short on break below : FxWirePro | May 8, 2018

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USD demand picks up pace after Powell’s comments, pushing NZD/USD -0.56% lower.

Fed Chair Jerome Powell said that the Fed's action should not surprise market as it is reasonably well aligned with 'dot-plot'.

The pair saw a retrace from 0.7030 levels and has fallen below the 0.70 handle.

Technical studies are biased lower. RSI below 30 and MACD well below zero levels.

The major finds strong support at 0.6972 ( trendline ), decisive break below will see further weakness.

Upside remains capped at 61.8% Fib, break above will see test of 21-EMA at 0.7117.

Support levels - 0.6972 ( trendline ), 0.6925 (78.6% Fib), 0.69

Resistance levels - 0.70, 0.7033 (61.8% Fib), 0.71, 0.7118 (21-EMA)

Good to go short on break below 0.6972, SL: 0.7035, TP: 0.6925/ 0.69/ 0.6860.


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