FxWirePro: NZD/CHF breaks above 20-DMA at 0.6785, good to go long on close above
NZD/CHF breaks above 20-DMA at 0.6785, further upside only on close above. Better-than-expected Chinese services PMI data and comments by the RBNZ Governor Spencer keep support for the kiwi. Spencer said that Reserve Ban…
NZD/CHF breaks above 20-DMA at 0.6785, further upside only on close above.
Better-than-expected Chinese services PMI data and comments by the RBNZ Governor Spencer keep support for the kiwi.
Spencer said that Reserve Bank of New Zealand has become more flexible on inflation targeting.
Momentum indicators on daily charts are bullish, RSI is biased higher, but remains below 50 levels.
Decisive close above 20-DMA can see test of 0.6844 (23.6% Fib) ahead 50-DMA at 0.6865.
Rejection at 20-DMA raises scope for test of 5-DMA at 0.6755 and then trendline at 0.67 levels.
Recommendation: Watch out for close above 20-DMA to go long.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 138.634 (Bullish), while Hourly CHF Spot Index was at -95.9257 (Bearish) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
