FxWirePro: NZD/USD extends gains above 0.69 handle after better than expected NZ Q3 GDP data

• NZD/USD recovers 0.69 handle after better than expected Q3 GDP data.
   
• New Zealand Q3 GDP posted an impressive 1.1% q/q vs the expected 0.8% and prior 0.9%.
   
• Upbeat GDP data along with strong GDT price rise could see some upside for the kiwi. overall momentum however, remains negative.
   
• NZD/USD remains capped below 5-DMA currently at 0.6922. Break above will see upside.
   
• Hammer formation at lows, slight bullish divergence noted on RSI.
   
• Support levels - 0.6916 (50% Fib of 0.6347 to 0.74854 rally), 0.6892 (June 7 low), 0.68, 0.6781 (61.8% Fib)
   
• Resistance levels - 0.6922 (5-DMA), 0.70, 0.7050 (38.2% Fib), 0.7070 (200-DMA)
   

Recommendation: Watchout for close above 5-DMA to initiate long trade.
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FxWirePro's Hourly NZD Spot Index was at -74.1055 (Bearish), while Hourly USD Spot Index was at -29.8647 (Neutral) at 0120 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.