FxWirePro: NZD/USD upside halts shy of 20-DMA resistance, upside only on break above
Friday, July 29, 2016 7:27 AM UTC
- NZD/USD is extending upside after brief pause on Thursday.
- Techs favour upside, momentum studies are bullish, we see scope for further gains.
- But upside on the day halts shy of stiff 20-DMA resistance at 0.7133.
- The pair has retreated from highs of 0.7129 to slip below 0.71, currently trades around 0.7099.
- We see weakness only below 0.7029 (50-DMA), violation there could take the pair to trendline at 0.6950.
- On the upside break above 20-DMA at 0.7137 opens upside upto 0.73 levels.