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FxWirePro: NZD/USD breaks above 61.8% Fib, go long for 0.7245

RBA’s quarterly SoMP drives upside in Kiwi, NZD/USD breaks above 61.8% Fib at 0.7182. Intraday bias higher, we see scope for test of 78.6% Fib levels at 0.7245. The pair has bounced off 20-DMA support at 0.7140 on Wednes…

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FxWirePro: NZD/USD breaks above 61.8% Fib, go long for 0.7245
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  • RBA’s quarterly SoMP drives upside in Kiwi, NZD/USD breaks above 61.8% Fib at 0.7182.
     
  • Intraday bias higher, we see scope for test of 78.6% Fib levels at 0.7245.
     
  • The pair has bounced off 20-DMA support at 0.7140 on Wednesday's trade.
     
  • Weakness now only on break below 20-DMA (0.7140), test of 0.7094 then likely.
    ​

Recommendation: Good to go long on dips around 0.7190, SL: 0.7140, TP: 0.7245/ 0.73
 

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