NZD/USD held support at 0.6550 in yesterday's trade and edged higher to break and close above trendline resistance at 0.6568
- We see some signs that a broader rally might ensue, bulls could target cloud top at 0.6662 and futher gains could see 0.6730 (23.6 % Fibo retracement of 0.6196 - 0.6896 rise)
- Daily techs point North, RSI is biased higher shows positive convergence to price rise, but monthly chart leans bearish, suggest using tight stops
- The pair has hit session highs at 0.6647 and cooled off slightly to trade at 0.6624 at the time of writing, immediate resistance is seen at 0.6662 (cloud top), while support on the downside lies at 0.6578 (session lows 1 Dec)
We prefer to go long on dips around 0.6580, placing stops at 0.6500, TP1: 0.6660, TP2: 0.6730
Resistance Levels:
R1: 0.6662 (cloud top)
R2: 0.6713 (Oct 29 high)
R3: 0.6730 (23.6 % Fibo retracement of 0.6196 - 0.6896 rise)
Support Levels:
S1: 0.6578 (session lows 1 Dec)
S2: 0.6515 (Session Low Nov 30)
S3: 0.6500 (Trendline support)
