- NZD/USD has broken above 20-DMA at 0.7141 and is on track to test 100-DMA at 0.7193.
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-bounces-off-channel-base-support-good-to-go-long-on-dips-420734) has almost achieved all targets.
- The pair has hit session highs of 0.7160 before edging lower to currently trade at 0.7142 levels.
- Techs are still bullishly aligned, we see weakness only on close below 5-DMA at 0.7077.
- Support levels - 0.7077 (5-DMA), 0.70, 0.6970 (channel base)
- Resistance levels - 0.7160 (session high), 0.7193 (100-DMA), 0.72
Recommendation: Book partial profits, raise trailing stops to 0.71 target 0.7193/ 0.72
Fresh longs can be initiated on dips around 0.7125, SL: 0.6970, TP: 0.7160/ 0.7190/ 0.72
FxWirePro's Hourly NZD Spot Index was at 81.4165 (Bullish), while Hourly USD Spot Index was at -115.381(Highly bearish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
