NZD/USD breaks strong resistance, stay long for 0.7340
NZD/USD breaks strong resistance (trendline and 4H 50-SMA)
RSI is sharply higher and above 50 levels which indicates strength in the up-move.
Further, stochs are biased higher and MACD supports uptrend and we see +ve DMI crossover.
Breakout at 4H 50-SMA raises scope for test of 0.7341 (61.8% Fibo).
On the flipside, rejection at major trendline could see weakness till 0.7179 (110-EMA).
Violation at 110-EMA could see major weakness.
Support levels - 0.7236 (5-DMA), 0.7179 (110-EMA), 0.71
Resistance levels - 0.7255 (trendline), 0.7263 (4H 50-SMA), 0.73, 0.7341 (61.8% Fib retrace of 0.7437 to 0.7186 fall)
Good to go long on decisive break above 0.7263, SL: 0.7230, TP: 0.73/ 0.7340
RSI is sharply higher and above 50 levels which indicates strength in the up-move.
Further, stochs are biased higher and MACD supports uptrend and we see +ve DMI crossover.
Breakout at 4H 50-SMA raises scope for test of 0.7341 (61.8% Fibo).
On the flipside, rejection at major trendline could see weakness till 0.7179 (110-EMA).
Violation at 110-EMA could see major weakness.
Support levels - 0.7236 (5-DMA), 0.7179 (110-EMA), 0.71
Resistance levels - 0.7255 (trendline), 0.7263 (4H 50-SMA), 0.73, 0.7341 (61.8% Fib retrace of 0.7437 to 0.7186 fall)
Good to go long on decisive break above 0.7263, SL: 0.7230, TP: 0.73/ 0.7340
Comment:
All targets hit
