NZD/USD has taken 200-DMA support and edged higher.
The pair is currently hovering around strong resistance at 0.7093 which is converged 5-DMA and 23.6% Fib.
Break above likely to see upside till 0.7167 (next major resistance 38.2% Fib).
Technical indicators support upside, RSI, Stochs and MACD are biased higher.
Bullish invalidation only on close below 200-DMA. Test of channel base at 0.6965 then likely.
Support levels - 0.7085 (session low), 0.7044 (200-DMA), 0.70, 0.6965 (channel base)
Resistance levels - 0.71, 0.7114 (20-DMA), 0.7132 (Nov 29 high), 0.7167 (38.2% Fib), 0.72
Good to go long on dips around 0.7085, SL: 0.7040, TP: 0.7130/ 0.7160/ 0.7190/ 0.72
The pair is currently hovering around strong resistance at 0.7093 which is converged 5-DMA and 23.6% Fib.
Break above likely to see upside till 0.7167 (next major resistance 38.2% Fib).
Technical indicators support upside, RSI, Stochs and MACD are biased higher.
Bullish invalidation only on close below 200-DMA. Test of channel base at 0.6965 then likely.
Support levels - 0.7085 (session low), 0.7044 (200-DMA), 0.70, 0.6965 (channel base)
Resistance levels - 0.71, 0.7114 (20-DMA), 0.7132 (Nov 29 high), 0.7167 (38.2% Fib), 0.72
Good to go long on dips around 0.7085, SL: 0.7040, TP: 0.7130/ 0.7160/ 0.7190/ 0.72
100-DMA at 0.7196 is strong resistance.
Breakout finds next strong resistance at 0.7228 (50% Fib and Nov 11 high)