NZD USD presented a pale recovery
12/1/2016 4:52:34 PM
After three week high, NZD/USD pair presented a pale recovery back near 0.7110 mark.
The pair on Wednesday came under strong selling pressure after positive ADP report on US private sector employment more increased investors' confidence over faster US economic growth in 2017.
Momentum above 0.7110 handle is expected to confront persistence near 0.7135 level, which if cleared finally is likely to improve the pair towards 0.7170 before pointing towards 100-day SMA persistence near 0.7210 area.
On the downside, constant decline below 0.7075 immediate support would apply additional selling pressure and drag the pair back towards the very important 200-day SMA support near 0.7047 area. A persuasive break below 200-day SMA would now disprove possibilities of any additional recovery and open room for continuation of the pair's near-term downward trajectory.
Written by FxErvin