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FxWirePro: NZD/USD consolidates break above 200-DMA, bias bullish

NZD/USD chart on Trading View used for analysis

  • NZD/USD is consolidating a break above 200-DMA, momentum remains bullish.
     
  • Antipodeans buoyed by fresh monetary and fiscal stimulus measures announced by China. 
     
  • Momentum with the bulls. Scope for test of 0.69 handle.
     
  • Stochs and RSI are biased higher. RSI shows strength above 50 levels and MACD is showing a bullish crossover on signal line which adds to the bullish bias.
     
  • Break above 200-DMA raises scope for test of 50% Fib at 0.6909 ahead of 0.6969 (Dec 4th high).
     
  • On the flipside, 5-DMA is immediate support at 0.6812. Retrace below 200-DMA will see weakness.
     
  • Focus on US PPI data due later today for further impetus. 

Support levels - 0.6812 (5-DMA), 0.6795 (200-DMA), 0.6774 (21-EMA)

Resistance levels - 0.6861 (Upper BB), 0.6909 (50% Fib), 0.6969 (Dec 4th high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-breaks-above-200-DMA-focus-on-US-CPI-data-for-further-impetus-1483077) is progressing well.

Recommendation: Stay long for targets.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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January 22 19:00 UTC 660052660052m

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-1541 %

January 31 00:00 UTC 648232648232m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 648232648232m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 648232648232m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

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