NZD/USD chart - Trading View
Fundamental Views:
- Greenback fails to capitalise on upbeat U.S. GDP data
- Markets now await FOMC decision, markets anticipate more dovishness from policymakers.
- Antipodeans buoyed as China’s industrial profits surged after the previous two months of deterioration.
Technical Analysis:
- Price action is extending gains above 5-DMA
- The pair is consolidating break above 1H 200 SMA
- Stochs and RSI are showing a roll over from oversold levels
- Major trend is bearish, stiff resistance seen at 0.6713 (converged 20-DMA and 21-EMA)
- Decisive breakout at 200-DMA will see further upside, break below 5-DMA could see resumption of weakness
Data Watch:
- US personal spending details (Monday 1230 GMT)
Support levels - 0.6666 (1H 200-SMA), 0.6642 (5-DMA), 0.66
Resistance levels - 0.67 (trendline), 0.6713 (converged 20-DMA and 21-EMA), 0.6727 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
