NZD/USD chart - Trading View
NZD/USD edges lower from session highs at 0.6604, finds stiff resistance at 50-DMA.
The pair pared gains for the day and was trading 0.02% lower at 0.6583 at 06:15 GMT.
Upbeat NZ GDP data, broad-based US dollar weakness and rise in commodities price keeps scope for gains.
The major has broken above 21-EMA resistance and decisive break above 50-DMA required for further upside.
Technical indicators are turning bullish.RSI is above 50 levels and Stochs are on verge of bullish rollover from oversold levels.
'Death Cross' could hamper gains. Break above 50-DMA eyes 38.2% Fib at 0.6656. Bearish invalidation only above 200-DMA
Major trendline support lies at 0.6490. Break below sees scope for drop till 0.6196 (Aug 2015 lows).
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
