Long NZD/USD on breakout above 0.7080
NZD/USD has taken 61.8% Fib support and edged higher, weakness only on break below.
The pair has re-taken 200-DMA and has closed above 5-DMA on Monday's trade.
Upside is struggling to clear past 50% Fib and trendline at 0.7080, breakout to see further upside.
Risk-on environment coupled with broad-based USD weakness to aid upside in the pair.
Major support levels - 0.7048 (5-DMA), 0.7028 (200-DMA), 0.6985 (61.8% Fib)
Major resistance levels - 0.7080 (50% Fib), 0.71, 0.7133 (Oct 14 high), 0.7175 (38.2% Fib)
Good to go long on breakout above 0.7080, SL: 0.7025, TP: 0.7130/ 0.7175
On the flipside, break below 61.8 % Fib at 0.6985 could see test of 0.6850
The pair has re-taken 200-DMA and has closed above 5-DMA on Monday's trade.
Upside is struggling to clear past 50% Fib and trendline at 0.7080, breakout to see further upside.
Risk-on environment coupled with broad-based USD weakness to aid upside in the pair.
Major support levels - 0.7048 (5-DMA), 0.7028 (200-DMA), 0.6985 (61.8% Fib)
Major resistance levels - 0.7080 (50% Fib), 0.71, 0.7133 (Oct 14 high), 0.7175 (38.2% Fib)
Good to go long on breakout above 0.7080, SL: 0.7025, TP: 0.7130/ 0.7175
On the flipside, break below 61.8 % Fib at 0.6985 could see test of 0.6850
