FxWirePro: NZD/USD trades a narrow range, intraday bias neutral

• NZD/USD holds above 5-DMA at 0.7291, intraday bias neutral.
   
• The pair is trading a narrow range, with a daily high of 0.7322 and low of 0.7304.
   
• Technical indicators are slightly bullish. Stochs have rolled from oversold and MACD is showing fading momentum.
   
• Election uncertainty could act as a cap on NZD strength over the next few weeks.
   
• The pair is struggling to break major resistance by 50-DMA at 0.7328. Vioaltion there could see test of 20-DMA at 0.7378.
   
• On the flipside, break below 5-DMA at 0.7291 could see drag till 0.72 handle.

Support levels - 0.73, 0.7291 (5-DMA), 0.72

Resistance levels - 0.7328 (20-DMA), 0.7378 (20-DMA), 0.7383 (23.6% Fib of 0.6817 to 0.7558 rally)

TIME  TREND INDEX  OB/OS INDEX   

1H          Neutral               Neutral      

4H          Neutral               Neutral      

1D          Neutral               Neutral       

1W         Neutral               Neutral     

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -18.7855 (Neutral), while Hourly USD Spot Index was at -81.176 (Bearish) at 0520 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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