NZD/USD on track to test channel top at 0.7085, good to buy dips

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
219 0 6
10 months ago
NZD/USD             extending upside in a continuation of the January bullish channel and recovery from 2016 lows at 0.6347.

RBNZ staying put and catching the market out yet again with a short squeeze from just above the 0.68 level and falling just shy of the 0.70 handle.

Kiwi bulls unable to hold a break on to the 0.70 handle, slip from day's highs at 0.7020.

Techs are pointing north, we see scope for test of channel top at 0.7085. Upside momentum strong with RSI at 28 and Stochs are also biased higher.

The pair finds strong support at 0.6928 levels which is converged 5&10 DMA, weakness only on breaks below.

Resistance is seen at 0.70, 0.7049 (Apr 20th highs) and 0.7085 (channel top).

Good to buy dips around 0.6980, SL: 0.6925, TP: 0.70/0.7050/0.7080
10 months ago
Trade active: Targets 1&2 achieved.

Book partial profits, raise stops to 0.70, target 0.7085
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