FxWirePro: NZD/USD bounces-off channel base support, good to go long on dips

• NZD/USD has bounced-off major channel base support at 0.6971, bias higher.
   
• The pair has formed a dragonfly Doji at channel base on Thursday's trade and has broken above 5-DMA.
   
• Technicals indicators are bias higher, RSI points north and Stochs are on the verge of a rollover from oversold territory. 
   
• Upside in the pair is struggling at 23.6% Fib, break above will see test of 0.7167 (38.2% Fib).
   
• Support levels - 0.7039 (5-DMA), 0.70/ 0.6971 (Nov 24 low), 0.6965 (channel base)
   
• Resistance levels - 0.7092 (23.6% Fib), 0.71, 0.7152 (20-DMA), 0.7167 (38.2% Fib)
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Recommendation: Good to go long on dips around 0.7075/80, SL: 0.7030, TP: 0.71/ 0.7150/ 0.7165

FxWirePro's Hourly USD Spot Index was at -22.5188 (Neutral), while Hourly NZD Spot Index was at 80.793 (Slightly bullish) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex