FxWirePro: NZD/USD finds stiff resistance at 0.7150, good to sell rallies

• NZD/USD is trading a narrow range in the Asian session, Doji formation seen on daily charts till now.
   
• Kiwi bulls remain largely unimpressed by RBNZ Wheeler’s speech before the parliament, where he offered no new surprises.
   
• Dismal New Zealand GDT price index figures also continue to weigh on the pair.
   
• Price action in the pair has slipped below 5-DMA, we see scope for test of 200-DMA at 0.7052.
   
• Support levels - 0.71, 0.7092 (23.6% Fib), 0.7085 (20-DMA), 0.7052 (200-DMA)
   
• Resistance levels - 0.7150 (trendline), 0.7168 (38.2% Fib), 0.7194 (100-DMA), 0.72
   

Recommendation:  Good to sell rallies around 0.7125/30, SL: 0.7175, TP: 0.7090/ 0.7055
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FxWirePro's Hourly NZD Spot Index was at 103.594 (Highly bullish), while Hourly USD Spot Index was at 0.978778 (Neutral) at 0610 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex