- Sharp rise in dairy prices at the Fonterra biweekly global dairy trade auction buoy Kiwi.
- NZD/USD recovered from 0.7397 levels to clock a fresh 16-month high of 0.7435.
- Momentum studies bullish, scope for further upside.
- Major support levels - 0.7390 (trendline), 0.7344 (5-DMA), 0.73, 0.7296 (10-DMA).
- Major resistance levels - 0.7516 (50% Fib), 0.7564 (May 14 2015 high), 0.76, 0.7630 (Apr 3 2015 high).
Recommendation: Good to buy dips around 0.74 levels, SL: 0.7340, TP: 0.7445/ 0.75/ 0.7515
