FxWirePro: NZD/USD eyes 0.6935, developments at US-China trade negotiation buoy antipodeans

NZD/USD chart on Trading View used for analysis

• NZD/USD is extending its winning streak for the 4th straight session.
   
• Kiwi buoyed by positive developments at US-China trade negotiation. Comments from Trump signaling that the American tariffs may wait for 60-days after March deadline added support.
   
• Further, the RBNZ stood pat last week as expected with its usual tone favoring no rate alterations in near future. 
   
• However, Governor Adrian Orr downplayed a question for rate cut during press conference just after the monetary policy meeting.
   
• The pair trades with a positive technical bias, scope for test of 0.6935 (major trendline).
   
• We see stiff resistance upto 0.6945 mark (200-W SMA). Further gains only on break above.
   
• Immediate support is seen at 21-EMA at 0.6811. Break below will see dip till 100-DMA at 0.6731.

Support levels - 0.6811 (21-EMA), 0.6731 (100-DMA)

Resistance levels - 0.6935 (trendline), 0.6945 (nearly converged 200-W SMA and 55-W EMA)

Recommendation: Good to stay short on dips around 0.6870/80, SL: 0.6810, TP: 0.69/ 0.6935/ 0.6945.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.