“¢ The pair faded a knee-jerk bullish spike back closer to weekly tops, albeit remained well bid for the second consecutive session on Wednesday.
“¢ A rebound in the NZ business confidence in September was largely negated by larger than expected NZ trade deficit and exerted some downward pressure.
“¢ The pair has been retracing along a short-term descending trend-channel formation on the intraday chart and is currently placed at a confluence support.
“¢ The mentioned support marks the lower end of the trend-channel and 50% Fibonacci retracement level of the up-move over the past two trading session.
“¢ A convincing break below might now turn the pair vulnerable to resume with last week’s corrective slide from the 0.6700 handle, or over three-week tops.
Spot Rate: 0.6661
Daily High: 0.6687
Daily Low: 0.6634
Trend: Turning bearish
Resistance
R1: 0.6687 (current day swing high)
R2: 0.6700 (round figure mark)
R3: 0.6711 (upper end of the daily Bollinger band)
Support
S1: 0.6630 (overnight swing low)
S2: 0.6616 (S2 daily pivot-point)
S3: 0.6600 (round figure mark)
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