FxWirePro: NZD/USD trades rangebound, struggles at channel top at 0.7285, break above needed for further upside

• NZD/USD is trading in a narrow range in the beginning of the week. The pair made an intraday high of 0.7288 and a low of 0.7272. 
   
• RBNZ continues to be upbeat on the New Zealand's economic outlook in spite of the recent lower than anticipated first quarter GDP result.
   
• Upside in the pair is struggling to break channel top resistance at 0.7285. Decisive break above needed for further upside. 
   
• The pair has taken support at 5-DMA at 0.7249 on Friday's trade, we see weakness on close below 5-DMA.
   
• Momentum studies are bullish, RSI at 66 levels and biased higher. Stochs are point north.
   
• Focus now on New Zealand trade balance data, for the month of May, scheduled to be released on June 27. 
   

Support levels - 0.7256 (5-DMA), 0.7230 (61.8% Fib of 0.7485 to 0.6817 fall), 0.72 (20-DMA)

Resistance levels - 0.7285 (channel top), 0.73, 0.7319 (June 14 high), 0.7342 (78.6% Fib)

Call update: We had advised a long (http://www.econotimes.com/FxWirePro-NZD-USD-breaks-trendline-resistance-at-07260-bias-higher-stay-long-772054). 

Recommendation: Bias higher, stay long, hold for targets.

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