NZD/USD breaks major resistance, targets 0.6880
Kiwi bulls bolstered by surprisingly positive NZ trade data, take NZD/USD to 7-week highs at 0.6775.
The pair has broken all major resistances - at 0.6667 (triple top ), 0.67 and 0.6730 (trendline resistances).
Price action has edged above the cloud and major moving averages biased higher, 0.6653 (200 DMA) is strong support on the downside ahead of 0.6620 (trendline).
Resistance on the upside is seen at 0.68 (Dec 17 high and psychological level), and then at 0.6825 (Dec 15th highs).
We see momentum to continue, pair likely to hit 0.68 levels, weakness only on breaks below 0.6620.
Good to buy dips around 0.6760, SL: 0.6690, TP: 0.68/0.6880
The pair has broken all major resistances - at 0.6667 (triple top ), 0.67 and 0.6730 (trendline resistances).
Price action has edged above the cloud and major moving averages biased higher, 0.6653 (200 DMA) is strong support on the downside ahead of 0.6620 (trendline).
Resistance on the upside is seen at 0.68 (Dec 17 high and psychological level), and then at 0.6825 (Dec 15th highs).
We see momentum to continue, pair likely to hit 0.68 levels, weakness only on breaks below 0.6620.
Good to buy dips around 0.6760, SL: 0.6690, TP: 0.68/0.6880