- NZD/USD has taken 200-DMA support and edged higher.
- The pair is currently hovering around strong resistance at 0.7093 which is converged 5-DMA and 23.6% Fib).
- Break above likely to see upside till 0.7167 (next major resistance 38.2% Fib).
- Technical indicators support upside, RSI, Stochs and MACD are biased higher.
- Bullish invalidation only on close below 200-DMA. Test of channel base at 0.6965 then likely.
- Support levels - 0.7085 (session low), 0.7044 (200-DMA), 0.70, 0.6965 (channel base)
- Resistance levels - 0.71, 0.7114 (20-DMA), 0.7132 (Nov 29 high), 0.7167 (38.2% Fib), 0.72
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-finds-major-support-at-06965-good-to-go-long-on-dips-428285) is progressing.
Recommendation: Hold for targets.
FxWirePro's Hourly NZD Spot Index was at -95.8121(Bearish), while Hourly USD Spot Index was at 5.86397 (Neutral) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
