FxWirePro: NZD/USD breaks triple top, good to long break above major resistance at 0.7431

• NZD/USD witnessed sharp swings on Thursday's trade. The pair bounced from lows of 0.7333 to hit highs of 0.7414.
   
• The Kiwi caught a fresh bid-wave on NZ FinMin Joyce’s comments, despite risk-off market profile.
   
• NZ FM said that the 8.9% appreciation in the New Zealand dollar over the last months reflects the strong New Zealand economy.
   
• The pair finally broke out of consolidation phase and went on to print fresh multi-month tops near 0.7428 region.
   
• We see next major resistance for the pair at 0.7431 (weekly 200-DMA). Break above could see further upside.
   
• On the flipside, we expect weakness to resume if the pair close below 20-DMA at 0.7309.
   

Support levels - 0.7299 (20-DMA), 0.7259 (23.6% Fib retrace of 0.68176 to 0.73873 rally), 0.72

Resistance levels - 0.7485 (Sept 7 2016 high), 0.7506 (May 13 2015 high), 0.7610 (Mar 4 2015 high)

Recommendation: Good to go long on close above 0.7431, SL: 0.7330, TP: 0.7485/ 0.7510/ 0.7575/ 0.7610

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 78.0328 (Neutral), while Hourly USD Spot Index was at -131.265 (Bearish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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