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NZD/USD chart on Trading View used for analysis
- NZD/USD pauses upside at 200-DMA, bias remains bullish.
- Momentum studies are bullish, with nice convergence on RSI and Stochs.
- MACD and DMI also support upside in the pair. Scope for further upside on break above 200-DMA.
- On the weekly charts, price has broken above 55-EMA and Bollinger Bands are widening suggesting rise in volatility.
- Next immediate resistance above 200-DMA lies at 50% Fib at 0.69 ahead of 0.6979 (110W EMA) and 0.6989 (200W SMA).
- Rejection at 200-DMA could see drag till 20-DMA. Break below cloud negates bullish bias.
Support levels - 0.6811 (38.2% Fib), 0.6706 (Nov 12, 13 low), 0.6689 (20-DMA)
Resistance levels - 0.69 (50% Fib), 0.6979 (110W EMA), 0.6989 (200W SMA)
Recommendation: Stay long on break above 200-DMA, SL: 0.6830, TP: 0.69/ 0.6980
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
