- NZD/USD holds break above 5-DMA and is currently trading at 0.6914.
- The pair has bounced off major trendline support at 0.6850, and Techs are slightly bullish.
- Stochs are on the verge of a bullish rollover from oversold levels and RSI is showing a bullish divergence.
- Next catalyst for the pair will be GDT dairy auction which is priced by the futures markets to rise moderately.
- The pair has been rejected at high around 0.6936, but we see weakness only on close below 5-DMA at 0.6889.
Support levels: 0.6889 (5-DMA), 0.6850 (trendline), 0.6806 (April 27 low)
Resistance levels: 0.6963 (20-DMA), 0.70 (trendline), 0.7063 (100-DMA)
Recommendation: Good to go long on dips around 0.69/0.6910, SL: 0.6850, TP: 0.6960/ 0.70/ 0.7040
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 142.368 (Bullish), while Hourly AUD Spot Index was at -41.5888 (Neutral) at 0840 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
