FxWirePro: NZD/USD resumes upside after brief consolidation, eyes 0.7435, good to long dips

• NZD/USD pauses at minor trendline resistance at 0.7393, intraday bias higher.
   
• The pair was extending consolidation after hitting 4-month market high of 0.7436 last week.
   
• Price action has now resumed upside as markets brush aside Chinese PMI disappointment.
   
• Further, the pair derives support after S&P affirmed New Zealand's sovereign debt with a AA rating with a stable outlook.
   
• NZD/USD resumes upside after brief consolidation, bulls now eye 0.7435 which is tough barrier.
   
• Breakout there will see 0.7469 (88.6% Fib) ahead of 0.7558 (2017 high).
   
• On the flipside, we see weakness on break below 20-DMA support at 0.7276.

Support levels - 0.7344 (5-DMA), 0.7276 (20-DMA), 0.7261 (61.8% Fib retrace of 0.7558 to 0.6780 fall)

Resistance levels - 0.7391 (78.6% Fibo), 0.7393 (minor trendline), 0.7436 (Jan 24 high)

Recommendation: Good to go long on dips around 0.7350, SL: 0.7275, TP: 0.7390/ 0.74/ 0.7435

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 141.308 (Bullish), while Hourly USD Spot Index was at -174.133 (Bearish) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest