- NZD/USD has been in a phase of consolidation and trades a narrow range in the Asian session.
- The pair has held major support by 200-DMA on Tuesday's trade, we see weakness only on break below.
- We have evidenced a bounce off 61.8% Fib on Monday, but upside is seen struggling at 50% Fib.
- Major support levels - 0.7044 (5-DMA), 0.7030 (200-DMA), 0.6985 (61.8% Fib)
- Major resistance levels - 0.7080 (50% Fib), 0.71, 0.7133 (Oct 14 high), 0.7175 (38.2% Fib)
Recommendation: Good to go long on breakout above 0.7080, SL: 0.7025, TP: 0.7130/ 0.7175
FxWirePro's Hourly NZD Spot Index was at 39.3695 (Neutral), while Hourly USD Spot Index was at 36.2369 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
