“¢ Overnight breakthrough last Thursday’s swing low was key for bearish traders, with dovish RBNZ further aggravating the selling pressure.
“¢ A follow-through weakness below Nov. 2017 lows has now opened room for an extension of the downfall towards 0.6720 support area, marking 61.8% Fibonacci extension level of the 0.7395-0.6851 slide, and subsequent rebound.
“¢ Against the backdrop of highly oversold conditions, the mentioned support might prompt some short-covering and help limit further downside, at least for the time being.
Spot Rate: 0.6761
Daily High: 0.6810
Trend: Bearish
Resistance
R1: 0.6810 (current day swing high)
R2: 0.6845 (R1 daily pivot-point)
R3: 0.6864 (important horizontal support break-point)
Support
S1: 0.6758 (S1 daily pivot-point)
S2: 0.6721 (61.8% Fibo. expansion level)
S3: 0.6700 (round figure mark)
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