- NZD/USD is trading in a narrow range, holds above 5-DMA, bias higher.
- Technical analysis suggest a bullish bias. The pair has bounced off major trendline support at 0.6685.
- Price has broken above 5-DMA at 0.6755 and holds above 1H 110-EMA and hourly cloud.
- Stochs are on verge of rollover from oversold levels and we see bullish divergence on RSI and Stochs which raises scope for upside.
- The pair has edged above 1H 110-EMA, eyes 1H 200-SMA at 0.6792. Break above to see further upside.
- On the flipside, we see major trendline support at 0.6680. Bullish invalidation likely on break below.
Support levels - 0.6757 (5-DMA), 0.6680 (trendline)
Resistance levels - 0.6792 (1H 200-SMA), 0.6853 (21-EMA), 0.6864 (23.6% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-Trade-Idea-1398523) is progressing well.
Recommendation: Hold for targets.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 20.1658 (Neutral), while Hourly USD Spot Index was at -66.5367 (Neutral) at 0645 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
