NZD/USD holds strong trendline support, long dips for 0.73

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
235 0 8
Persistent             risk-on trades and recovery in oil             prices fuel appetite for risk/higher-yielding assets such as the Kiwi.

NZD/USD             reversed a temporary slide seen yesterday and resumed the ongoing bullish streak.

On the 2-hourly charts the pair has taken strong trendline support and edged higher.

Technical indicators support upside in the pair. We see a bullish 5-MA crossover on 10-MA. Stochs and RSI are biased higher.

Supports on the downside are seen at 0.7241 (2H 5-MA), 0.7225 (rising trendline ). Strong resistance is seen at 0.73.

Good to go long on dips around 0.7250, SL: 0.7220, TP: 0.73

Any breakout above 0.73 can see further upside. We had advised a long earlier (link below).

Fed speaks followed by RBNZ Assistant Governor’s speech along with Chinese trade and GDP numbers due later this week will influence the pair.
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