• FxWirePro: NZD/USD breaks 200-dma resistance at 0.7105, bias higher, stay long

    Source: FxWire Pro - Technicals / 02 Jan 2018 02:02:02   America/New_York

    • NZD/USD has shown decisive break above 200-DMA at 0.7105, intraday bias higher.
       
    • Price action in the pair has broken out of daily Ichimoku cloud, to see further upside.
       
    • Downside was rejected at 0.70 handle, pair has held above and has reclaimed 0.71 levels.
       
    • Technical indicators are bullish. RSI sharply higher, has edged above 70 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 and RSI are biased higher, MACD has shown a bullish crossover.
       
    • Immediate resistance lies at 0.7151 (weekly cloud top) ahead of 0.72 (Trendline and Oct 17 high).
       
    • 200-DMA at 0.7105 is now immediate support. Break below targets 0.7064 (100-DMA).

    Support levels - 0.7105 (200-DMA), 0.7093 (5-DMA), 0.7064 (100-SMA), 0.7052 (20W SMA)

    Resistance levels - 0.7169 (50% Fib retrace of 0.7558 to 0.67804 fall), 0.7206 (Trendline and Oct 17 high), 0.7261 (61.8% Fib)

    Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-hovers-around-200-DMA-at-07104-breakout-to-see-further-upside-1076181) is progressing well.

    Recommendation: Hold for targets.

    FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 53.8223 (Neutral), while Hourly USD Spot Index was at -147.27 (Bearish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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