- NZD/USD unable to sustain at fresh yearly high at 0.7169 on Tuesday, slips lower, currently trading around 0.7145.
- Intraday bias for the pair remains higher, momentum studies are bullish.
- Stochastics are at overbought zone, but biased higher. RSI strength seen at 68 levels.
- 5-DMA at 0.7095 is strong support on the downside, weakness only on break below.
- Immediate resistance is seen at 0.7169, break above could see gains upto 0.72 and then 0.7245.
- Data released earlier today showed upbeat visitor arrivals, the migration data for May coming in at +5500 versus prior +5520.
- The Kiwi also boosted by rising oil prices, and weaker US dollar (Yellen's message to Senate Banking Panel overnight was one of caution).
Recommendation: Good to go long on breakout above 0.7169, SL: 0.7095, TP: 0.72/ 0.7245
