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NZD/USD: bears targeting below 0.7200
2019-11-11 • Updated
Kiwi has been strong inside a bearish trend started since days ago. Currently, it’s being capped by the 200 SMA at H1 chart, which acts as strong dynamic resistance between the 0.7271 and 0.7255 levels (65% - 50% Fibonacci retracement area) and we would like to see a NZD/USD weak towards 0.7176 as the first and main target to the downside, which is also a Fibo level (-23.6%).
RSI indicator remains at the positive territory, calling for limited upside moves, as it’s approaching the overbought territory.
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