FxWirePro: Strong resistance for NZD/USD at 0.6675, further bullishness only on breaks above

Ongoing strength seen in the industrial metals and oil prices supporting the resource-linked Kiwi.

• NZD/USD rebounds higher this session,  extending bounce from trendline support at 0.6565 on Friday.
   
• Price action is holding above daily cloud, with cloud top at 0.6632 offering strong support.
   
• Techs are inconclusive, the pair has been trading a symmetrical triangle pattern and breakout on either sides will confirm further direction.
   
• Markets now focus on the crucial US prelim GDP data due later this week for fresh incentives on the pair.

 

Resistance Levels: 
R1: 0.6667 (Jan 7th highs)

R2: 0.6676 (Double top Feb 15th and 16th)

R3: 0.6694 (Feb 10th highs)

Support Levels:

S1: 0.6632 (Cloud top)

S2: 0.6625 (5-DMA)

S3: 0.6605 (Feb 18th lows)