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NZD/USD chart on Trading View used for analysis
- NZD/USD has paused downside at 200-DMA support and edged higher.
- The pair has formed a Doji at 200-DMA support on Monday's trade and we see weakness only on break below.
- On the upside we see stiff resistance at 1H 200 SMA at 0.6891, decisive break above could see upside resumption.
- However, the kiwi is likely to struggle to push higher in the current risk-off environment. We see bearish divergence on RSI and Stochs.
- Currently, dollar weakness on account of news that Trump is fearing impeachment when Democrats take over the House is supporting the pair higher.
- Business NZ will be releasing their data on manufacturing this Friday, which is expected to have a medium impact.
- Breakout at 1H 200 SMA will see test of 0.6969 (Dec 4 high) ahead of 0.7050 (61.8% Fib).
- On the flipside, breach at 200-DMA could see the pair fall till 0.6746 (nearly converged 110 and 55 EMAs).
Support levels - 0.6852 (200-DMA), 0.6830 (21-EMA)
Resistance levels - 0.6891 (1H 200 SMA), 0.6930 (50% Fib), 0.6969 (Dec 4 high)
Recommendation: Watch out for break above 1H 200 SMA to go long.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
