- NZD/USD intraday bias higher, finds stiff resistance at 0.7310 (falling trendline).
- Momentum studies are bullish, Stochs and RSI on 4 hourly charts are biased higher.
- Broad-based dollar weakness after less than hawkish FOMC minutes and optimistic comments from the NZ dairy giant Fonterra to support NZD/USD.
- Major support is seen around 0.72 levels, we see weakness only on break below.
- Broader market sentiment and oil price action along with US macro releases due later in the NA session will influence price action.
Recommendation: Good to go long on dips around 0.7280, SL: 0.7240, TP: 0.7310/ 0.7340
