FxWirePro: NZD/USD capped below stiff resistance at 0.7054, further upside only on break above

• NZD/USD staged a solid comeback from lows of 0.6980 on oil price rally and a broadly subdued US dollar.
   
• The pair has broken major trendline resistance at 0.7035 on the 4-hourly charts, but upside was rejected at highs by 0.7056.
   
• Stiff resistance seen at 0.7054, we see further upside only on break above.
   
• Our previous call (http://www.econotimes.com/FxWirePro-Kiwi-under-pressure-on-poor-Chinese-data-and-major-Yuan-devaluation-good-to-sell-NZD-USD-rallies-227546) has almost hit all targets.
   
• Techs on weekly charts support downside in the pair, break below 0.6960 will drag the pair to 0.6895 and the 0.6755 levels.
   
• Immediate support and resistance are seen at 0.7030 (20-DMA) and 0.7054 (trendline resistance).
  ​

Recommendation: Go long on break above 0.7054, SL: 0.7010, TP: 0.71/ 0.7110