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Technical Analysis:
- NZD/USD hit fresh 3-week high at 0.7047, intraday bias higher.
- Potential 'Bearish Cypher' pattern seen on daily charts.
- Momentum studies bullish, scope for test of 200-DMA at 0.7080.
- However, 'Death Cross' (50-DMA and 200-DMA) evidenced, so caution advised.
Fundamental Factors:
- Recovery seen across the commodities’ space, particularly in oil and copper prices which is supporting commodity currencies
- Markets look past bearish Chinese CPI data
- Focus now remain on the upcoming US jobs data for some fresh incentives.
Support levels - 0.70 (23.6% Fib of 0.74854 to 0.68621 fall), 0.6999 (5-DMA), 0.6953 (20-DMA)
Resistance levels - 0.7069 (50-DMA), 0.7080 (200-DMA), 0.7100 (38.2% Fib)
Recommendation: Good to go long on dips around 0.70, SL: 0.6950, TP: 0.7050/ 0.7080/ 0.71
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 102.759(Highly bullish), while Hourly USD Spot Index was at -97.5576 (Bearish) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
