NZD/USD bounces off major trendline support, eyes 200-DMA
NZD/USD bounces off major trendline support at 0.7055, intraday bias higher.
Kiwi bears take a breather, halt 2 consecutive weeks of downside.
The pair has edged above 5-DMA at 0.7083, which is now strong support on the downside.
RSI is biased higher and Stochs are on verge of rollover from oversold levels.
4H 50-SMA at 0.7123 is immediate resistance, break above eyes 200-DMA at 0.7158. Violation at 200-DMA will see further upside.
On the flipside, we see weakness on break below major trendline support at 0.7055.
Support levels - 0.71 (61.8% Fib), 0.7073 (5-DMA), 0.70, 0.6976 (78.6% Fib retracement of 0.68176 to 0.75580 rally)
Resistance levels - 0.7123 (1H 200-SMA), 0.7158 (200-DMA), 0.7201 (20-DMA)
Good to go long on break above 0.7123, SL: 0.7085, TP: 0.7158/ 0.72
Kiwi bears take a breather, halt 2 consecutive weeks of downside.
The pair has edged above 5-DMA at 0.7083, which is now strong support on the downside.
RSI is biased higher and Stochs are on verge of rollover from oversold levels.
4H 50-SMA at 0.7123 is immediate resistance, break above eyes 200-DMA at 0.7158. Violation at 200-DMA will see further upside.
On the flipside, we see weakness on break below major trendline support at 0.7055.
Support levels - 0.71 (61.8% Fib), 0.7073 (5-DMA), 0.70, 0.6976 (78.6% Fib retracement of 0.68176 to 0.75580 rally)
Resistance levels - 0.7123 (1H 200-SMA), 0.7158 (200-DMA), 0.7201 (20-DMA)
Good to go long on break above 0.7123, SL: 0.7085, TP: 0.7158/ 0.72
Comment:
Targets almost hit. Breakout at 20-DMA could see extension of upside.
