FxWirePro Currency Strength Index for NZD/USD: Bias Bullish
FxWirePro's Hourly NZD Spot Index was at 138.128 (Bullish)
FxWirePro's Hourly USD Spot Index was at -145.252 (Bearish)
Technical Analysis: Bias Bullish
- The pair has bounced off major trendline support at 0.6685.
- Stochs show bullish rollover from oversold levels and RSI is biased higher.
-We see bullish divergence on RSI and Stochs which raises scope for upside.
- Holds 5-DMA support, 5-DMA is sharply higher.
- MACD is on verge of bullish crossover on signal line.
Support levels - 0.6796 (5-DMA), 0.67, 0.6665 (trendline)
Resistance levels - 0.6852 (21-EMA), 0.6865 (23.65 Fib), 0.69, 0.6924 (50-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-Trade-Idea-1398523) is approaching final targets.
Recommendation: Book partial profits at highs, trail SL to 0.6795, hold for further upside.
We would also recommend fresh longs on break above 21-EMA, SL: 0.6795, TP: 0.69/ 0.6925
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
