FxWirePro: NZD/USD extend grind above 200-DMA, eyes channel top at 0.7275, stay long

• NZD/USD is extending grind above 200-DMA and we see scope for test channel top at 0.7275.
   
• Upbeat China trade data keeps the antipodeans buoyed.
   
• Data released earlier today showed China's exports spiked 15.5% y/y, beating the estimate of 13.5%. Imports jumped 22.1% y/y, bettering the estimate of 16.1% rise.
   
• The pair is trading with a major bullish bias, RSI strong at 71 and MACD supporting uptrend.
   
• Stochs are in highly overbought territory which warrants some caution.

Support levels - 0.7174 (5-DMA), 0.7151 (50% Fibo 0.74854 to 0.68176 fall), 0.7104 (200-DMA)

Resistance levels - 0.7230 (61.8% Fib), 0.7275 (channel top), 0.73

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-rejected-at-highs-break-below-200-DMA-at-07104-could-see-weakness-741384) has hit TP1/2/3.

Recommendation: Bias higher, stay long.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 120.444 (Bullish), while Hourly USD Spot Index was at -5.81742 (Neutral) at 0850 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.