NZIER Business Confidence was released in New Zealand and no major economic reports in going to be published in the US today.
The support rests at 0.69950 with resistance at 0.70880 which the weekly pivot point at 0.70090 is located in between the lines. The EMA of 10 is moving with bullish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is falling towards level 50, the MACD line is on the signal line in the neutral territory and the Stochastic is showing downward momentum. The ADX is not showing any clear signals. The price is in the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
The resistance line seems too strong to be violated. Short positions are recommended towards 0.69700.
