FxWirePro: NZD/USD recovers from 3-week lows on upbeat GDT Price Index, break above 110-EMA to see further upside

NZD/USD chart - Trading View 

• NZD/USD edges higher from 3-week lows at 0.6738 hit on Tuesday's trade.
   
• Kiwi buoyed on upbeat GDT Price Index, strong China services PMI data and US-China trade optimism.
   
• The pair is trading 0.34% higher at 0.6779 at 0540 GMT. Upside remains capped at 5-DMA at 0.6784.
   
• The pair consolidates at daily cloud base. Finds strong support at 200-DMA at 0.6734.
   
• Break below 200-DMA will confirm further weakness. Scope then for dip till 61.8% Fib at 0.6632.
   
• On the flipside, 110-EMA is strong resistance at 0.6798. Break above to see further upside.

Support levels - 0.6734 (200-DMA), 0.6696 (50% Fib), 0.6632 (61.8% Fib)

Resistance levels - 0.6785 (5-DMA), 0.6798 (110-EMA), 0.6827 (cloud top)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.