FxWirePro: NZD/USD takes trendline support at 0.6450, good to buy dips

NZD/USD has edged higher from session lows at 0.6450 after holding trendline support and is currently trading at 0.6483.

• The pair has been trending sideways, a data packed NZ calendar this week could provide some cues for further direction.
   
• GDT dairy auction (Tue), Q4 labour market data, with the unemployment rate (Wed) and US payrolls (Fri) have the potential to surprise NZD/USD in both directions.
   
• NZD/USD to remain under downward pressure during the next few months, with expectations of RBNZ rate cut twice this year.
   
• Short-term bias is higher, Stochs on 4H charts have shown a bullish crossover from oversold level and RSI in also biased higher.

Recommendation: Good to go long on dips around 0.6475, SL: 0.6450, TP: 0.65/0.6530
Resistance Levels:

R1: 0.6487 (4h 10 DMA)

R2: 0.6491 (Jan 15 highs)

R3: 0.6512 (Jan 26 highs)

Support Levels:

S1: 0.6450 (Session lows and trendline support)

S2: 0.6473 (5-DMA)

S3: 0.6466 (10-DMA)