NZD/USD bounces off 0.6500 support, price action has pierced back into the daily cloud
- Gains in the pair are being capped at trendline resistance at 0.6580, breaks above could see the pair at 0.6625 levels
- 5 DMA has crossed over the 10 DMA from below, RSI and Stochs are biased North, a decent rally is due
- The pair is currently trading at 0.6578, with immediate resistance at 0.6580 (Trendline, Nov 23 high) and support at 0.6550 (Session low Nov 25, 55 & 100 DMAs)
Recommendation: Good to buy on dips around 0.6550, SL: 0.6490, TP: 0.6625
Resistance Levels:
R1: 0.6580 (Trendline, Nov 23 high)
R2: 0.6588 (Nov 11 highs)
R3: 0.6625 (Nov 6 highs)
Support Levels:
S1: 0.6550 (Session low Nov 25)
S2: 0.6546 (cloud base)
S3: 0.6527 (10 DMA)
