• FxWirePro: NZD/USD hovers around 200-dma at 0.7104, breakout to see further upside

    Source: FxWire Pro - Technicals / 28 Dec 2017 23:41:57   Eastern Standard Time

    • NZD/USD up 0.21% on the day, pauses just shy of 200-DMA at 0.7104.
    • Technical indicators are bullish. RSI sharply higher, gaining upside traction at 68 levels.
    • ADX on daily charts supports upside, is above 25 levels and rising with positive DMI dominance.
    • Technical studies on weekly charts are bullish, Stochs have rolled over from oversold levels and RSI is biased higher.
    • MACD is on verge of a bullish crossover on signal line which if completed adds to bullish bias.
    • Next bull target lies at 0.72 (Oct 17 high) ahead of 0.7261 (61.8% Fib retrace of 0.7558 to 0.67804 fall).
    • On the flipside, immediate support lies at 100-DMA at 0.7068, weakness likely on break below.

    Support levels - 0.7068 (100-DMA), 0.7077 (38.2% Fib retrace of 0.7558 to 0.67804 fall), 0.7060 (5-DMA)

    Resistance levels - 0.7104 (200-DMA), 0.7206 (Oct 17 high), 0.7261 (61.8% Fib)

    Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-extends-grind-higher-along-5-DMA-eyes-100-DMA-at-07075-1073404) has hit all targets.

    Recommendation: Trail stop loss to 0.7065, stay long for 0.7165/ 0.72.

    FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -6.35648 (Neutral), while Hourly USD Spot Index was at -83.6788 (Bearish) at 0400 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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