FxWirePro: NZD/USD rejected at highs, break below 200-DMA at 0.7104 could see weakness

• NZD/USD pares Friday's gains post downbeat NFP report, edges closer to 0.71 handle.
   
• The pair was rejected at highs, trades with a mild bearish bias.
   
• Technically, the pair has broken above 200-DMA and upside remains intact as long as pair holds above.
   
• Stronger-than-expected Caixin Chinese services PMI provides an additional boost to the antipodean, keeping downside cushioned.
   
• Below 200-DMA, the major finds strong support at 100-DMA at 0.7057. We see major weakness only on break below.

Support levels - 0.7103 (5-DMA), 0.7072 (38.2% Fib of 0.74854 to 0.68176 fall), 0.6988 (20-DMA)

Resistance levels - 0.7151 (50% Fibo 0.74854 to 0.68176 fall), 0.7186 (Oct 26 high), 0.72, 0.7230 (61.8% Fib)

Recommendation: Good to go long on dips around 0.7115, SL: 0.7055, TP: 0.7150/ 0.7185/ 0.72/ 0.7230

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 40.6316 (Neutral), while Hourly USD Spot Index was at -112.083 (Bearish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.