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FxWirePro: NZD/USD breaks 100-DMA to hit 2-week high, good to go long on dips

  • Solid New Zealand employment and GDT price data boosts the kiwi.
     
  • NZD/USD breaches 100-DMA to hit new 2-week high of 0.7227, bias higher.
     
  • Techs support further gains, Stochs and RSI are biased higher.
     
  • The pair has broken above 38.2% Fib and is on track to test 50% Fib at 0.7260.
     
  • Major support levels - 0.72 (38.2% Fib), 0.7196 (100-DMA and trendline), 0.7169 (5-DMA)
     
  • Major resistance levels - 0.7260 (50% Fib), 0.7265 (Oct 20 high), 0.7290 (Oct 3 high)
     
  • Focus remains on FOMC decision later on the day, while news flow related to the US elections will be also closely monitored.

Recommendation: Good to go long on dips around 0.7210/20, SL: 0.7170, TP: 0.7260/ 0.7290/ 0.73
 

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