FxWirePro
Long

NZD/USD breaks 0.6568 resistance, broader rally might ensue

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
323 0 6
a year ago
NZD/USD             held support at 0.6500 in yesterday's trade and edged higher to break and close above trendline resistance at 0.6568

We see some signs that a broader rally might ensue, bulls could target daily cloud top at 0.6662 and further gains could see 0.6720 (61.8% Fibo retracement of 0.6897- 0.6428 fall)

Daily techs point North, RSI is biased higher shows positive convergence to price rise, but monthly chart leans bearish , suggest using tight stops

The pair has hit session highs at 0.6647 and cooled off slightly to trade at 0.6636 at the time of writing, immediate resistance is seen at 0.6662 (cloud top), while support on the downside lies at 0.6578 (session lows 1 Dec             )

We prefer to go long on dips around 0.6580, placing stops at 0.6500, TP1: 0.6660, TP2: 0.6730

Resistance Levels:

R1: 0.6662 (cloud top)

R2: 0.6713 ( Oct             29 high)

R3: 0.6720 (61.8% Fibo retracement of 0.6897- 0.6428 fall)

Support Levels:

S1: 0.6578 (session lows 1 Dec             )

S2: 0.6515 (Session Low Nov 30)

S3: 0.6500 (Trendline support)
a year ago
Trade closed: target reached: TP1 reached. Cloud top capping gains in the pair. Book profits and exit trade.
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