Strong resistance for NZD/USD at 0.6773, good to sell rallies

Strong trendline resistance for NZD/USD is seen at 0.6773, pair has been rejected at highs by 0.6782 in Thursday's trade.

NZD/USD hits session lows at 0.6735 on weakness in oil prices and downbeat NZ consumer confidence data.

Daily Stochs are at overbought levels and RSI is also biased lower, scope for some consolidation into FOMC next week.

Strong resistance is seen at 0.6773 (Trendline), while support on the downside is located at 0.6703 (23.6% Fib of 0.6429 to 0.6787 rise).

Recommendation: We find it good to sell rallies around 0.6770, SL: 0.6865, TP1: 0.6700, TP2: 0.6680, TP3: 0.6602

Resistance Levels:

R1: 0.6773 (Trendline)

R2: 0.6782 (Dec 10 high)

R3: 0.6787 (Dec 4 high)

Support Levels:

S1: 0.6703 (23.6% Fib of 0.6429 to 0.6787 rise)

S2: 0.6680 (Daily Tenkan)

S3: 0.6608( Kijun)

S4: 0.6602 (21 DMA)