FxWirePro: NZD/USD breaks above 200W SMA at 0.7279, next bull target lies at 78.6% Fib (0.7391)

• NZD/USD bulls on the rampage, pair is extending gains for the 6th consecutive week.
   
• For the day, the major is up 0.56%, trading at 0.7293 at the time of writing.
   
• We see major breakouts at the following points: daily Ichimoku cloud, 200-DMA, major trendline, 61.8% Fib and 200W SMA.
   
• Next bull target lies at 0.7391 (78.6% Fib retrace of 0.7558 to 0.6780 fall). Break there to test 0.7434 (Sept 20 high).
   
• Focus now on the GlobalDairyTrade (GDT) price auction to be held on January 16 for further direction.

Support levels - 0.7261 (61.8% Fib retrace of 0.7558 to 0.6780 fall), 0.7233 (5-DMA), 0.72

Resistance levels - 0.73, 0.7391 (78.6% Fib), 0.74, 0.7434 (Sept 20 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-hovers-around-200-DMA-at-07104-breakout-to-see-further-upside-1076181) has hit all targets.

Recommendation: Good to go long on dips around 0.7275/80, SL: 0.7230, TP: 0.73/ 0.7365/ 0.7390

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -11.767 (Neutral), while Hourly USD Spot Index was at -158.249 (Bearish) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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