FxWirePro
Long

NZD/USD holds above strong support at 0.6880, good to buy dips

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
160 0 7
Broad based US dollar             strength and downbeat NZ             business confidence data adds to bearish pressure on the bird.

ANZ NZ             business confidence 3.2% in March vs 7.1% in February. NZ             own activity outlook for March 29.4% vs 25.5% in February.

Tumbling commodities’ prices, particularly oil             and copper             prices, also weighed on the resource             currency.

US oil             is down -1.25%, Brent slides -0.90%, while the copper             prices shed 0.55%.

NZD/USD             paused its 3-day rally to multi-month tops at 0.6965 and now extends the retreat below the 0.69 handle.

On the technical side, the pair has closed above strong resistance at 0.6880 on Wednesday's trade, and is currently holding above that level.

Indicators suggest upside for the pair, we see a bullish 5-DMA crossover on 10-DMA, Stochs and RSI are biased north and momentum positive on the MACD indicator.

Immediate support lies at 0.6880 ( trendline resistance turned support), while resistance is located at 0.6924 (June 25th highs) and then 0.6965 (Mar 30th highs) ahead of 0.70.

Good to buy dips, target 0.6965/0.70
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