- NZD/USD edges lower from 3-week highs at 0.7322, trades 0.19% lower on the day.
- Price action has bounced off strong support at 200-DMA and we see major weakness only on break below.
- Technical studies are biased higher. RSI has edged above 50 levels and momentum is bullish.
- The pair finds strong support at 50-DMA at 0.7283 and we see weakness on break below.
- Focus now on US NFP data due on Friday for further impetus.
Support levels - 0.7283 (50-DMA), 0.7260 (5-DMA), 0.7185 (nearly converged 200-DMA and 38.2% Fib and cloud base)
Resistance levels - 0.73, 0.7328 (61.8% Fib), 0.7354 (March 13/14 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-breaks-strong-resistance-at-07265-good-to-go-long-on-dips-1235449) has almost hit TP2.
Recommendation: Book partial profits at highs. Hold for further upside.
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