- NZD/USD was rejected at session highs at 0.6974, slips lower to currently trade at 0.6953.
- The pair is extending upside for 3rd straight session, bounces off strong trendline support at 0.6850.
- Technical indicators are turning slightly bullish. Stochs and RSI have rolled over from oversold territory.
- MACD is showing a bullish crossover on signal line. 5-DMA has turned higher.
- The major finds stiff resistance at 21-EMA at 0.70, break above could see further upside.
- On the flipside, we see major support at 0.6855, break below will see major weakness.
Support levels - 0.6917, 0.69, 0.6855 (trendline support)
Resistance levels - 0.6978 (20-DMA), 0.70 (21-EMA), 0.7052 (May 4th high)
Recommendation: Watch out for break above 21-EMA for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -32.9275 (Neutral), while Hourly USD Spot Index was at 27.0931 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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