Chart - Courtesy Trading View
Technical Analysis: Bias Bullish
- NZD/USD was trading 0.22% higher on the day at 0.6549 at around 10:10 GMT
- The pair is extending break above 38.2% Fib and is on track for further upside
- Momentum is bullish, Stochs and RSI are biased higher and RSI is above 50 mark
- MACD and ADX support gains, Chikou span is biased higher, volatility is high
Fundamental Overview:
Weaker US dollar and risk-on impulse across the markets is supporting gains in the major.
US dollar index (DXY) has tumbled in the early trade to its monthly lows at 101.38. Focus remains on the US Non-Farm-Payrolls data.
Analysts expect the preliminary estimate for the US NFP to print at 310k against the prior print of 428k.
Support levels - 0.6499 (5-DMA), 0.6461 (21-EMA)
Resistance levels - 0.6573 (55-EMA), 0.6625 (50% Fib)
Summary: NZD/USD was trading with a bullish bias. Scope for test of 50% Fib at 0.6625.
