• FxWirePro: NZD/USD edges lower from fresh 4-month highs at 0.7355, 200w sma breakout keeps scope for upside

    Source: FxWire Pro - Technicals / 23 Jan 2018 01:04:50   Eastern Standard Time

    • NZD/USD edges lower from fresh 4-month highs at 0.7355, bias higher.
       
    • The major has shown decisive breakout at 200W SMA which keeps scope for further upside.
       
    • The pair is extending winning streak for the 7th consecutive week. Next bull target lies at 0.7391 (78.6% Fib retrace of 0.7558 to 0.6780 fall).
       
    • Technical indicators are bullish, breakout at 78.6% Fib to test 0.7434 (Sept 20 high) ahead of channel top at 0.76 levels.
       
    • Retrace and close below 200W SMA invalidates bullish bias.

    Support levels - 0.73 (5-DMA), 0.7272 (200W SMA), 0.7261 (61.8% Fib retrace of 0.7558 to 0.6780 fall), 0.72

    Resistance levels - 0.7355 (session high), 0.7391 (78.6% Fib), 0.74, 0.7434 (Sept 20 high)

    Recommendation: Good to go long on dips around 0.73, SL: 0.7230, TP: 0.7355/ 0.7365/ 0.7390

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