FxWirePro: NZD/USD Trade Idea

NZD/USD chart on Trading View used for analysis

FxWirePro Currency Strength Index for NZD/USD: Bias Bullish
FxWirePro's Hourly NZD Spot Index was at 134.116 (Bullish)
FxWirePro's Hourly USD Spot Index was at -94.5771 (Bearish)

Technical Analysis: Bias Bullish
- Stochs and RSI have rolled over from oversold levels and are biased higher
- MACD is on verge of bullish crossover on signal line
- 5-DMA offers immediate support and is now pointing north
- Major trend is bearish, retrace upto 55-EMA likely

Support levels - 0.6497 (5-DMA), 0.6424 (Oct 8 low), 0.6340 (channel base)
Resistance levels - 0.6544 (21-EMA), 0.6620 (55-EMA), 0.6734 (110-EMA)

Recommendation: Stay long on dips, SL: 0.6490, TP: 0.6545/ 0.66/ 0.6620

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.