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Add as a preferred source on Google FxWirePro: NZD/USD capped below stiff resistance at 0.7054, further upside only on break above NZD/USD staged a solid comeback from lows of 0.6980 on oil price rally and a broadly subdued US dollar. The pair has broken major trendline resistance at 0.7035 on the 4-hourly charts, but upside was rejected at highs by…
By FxWire Pro Jun 28, 2016, 5:11 AM UTC
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NZD/USD staged a solid comeback from lows of 0.6980 on oil price rally and a broadly subdued US dollar.
The pair has broken major trendline resistance at 0.7035 on the 4-hourly charts, but upside was rejected at highs by 0.7056.
Stiff resistance seen at 0.7054, we see further upside only on break above.
Our previous call (http://www.econotimes.com/FxWirePro-Kiwi-under-pressure-on-poor-Chinese-data-and-major-Yuan-devaluation-good-to-sell-NZD-USD-rallies-227546 ) has almost hit all targets.
Techs on weekly charts support downside in the pair, break below 0.6960 will drag the pair to 0.6895 and the 0.6755 levels.
Immediate support and resistance are seen at 0.7030 (20-DMA) and 0.7054 (trendline resistance).
Recommendation: Go long on break above 0.7054, SL: 0.7010, TP: 0.71/ 0.7110
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