FxWirePro: NZD/USD edges higher from fresh 6-month lows at 0.6862, capped below 5-DMA at 0.6897

• NZD/USD attempts feeble recovery from fresh 6-month lows at 0.6862.
   
• The pair was rejected at 0.69 handle, retraces gains to currently trade around 0.6889.
   
• Overall momentum in the pair remains negative, upbeat quarterly New Zealand GDP print seems to have little impact.
   
• Hammer formation at lows, slight bullish divergence noted on RSI. 
   
• 5-DMA currently at 0.6897 weighs on the upside, break above needed for further gains.
   
• Support levels - 0.6862 (Dec 23 low), 0.6800 (trendline support), 0.6770 (Apr 8 low)
   
• Resistance levels - 0.6897 (5-DMA), 0.6916 (50% Fib of 0.63470 to 0.74854 rally), 0.6947 (Dec 12 high), 0.70, 0.7054 (20-DMA)
   

Recommendation: We prefer to wait for further confirmation on technicals to initiate trade.
 

FxWirePro's Hourly NZD Spot Index was at -27.3322 (Neutral), while Hourly USD Spot Index was at 31.4713 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit  http://www.fxwirepro.com/currencyindex