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FxWirePro: NZD/USD intraday bias higher, good to go long on dips

  • NZD/USD intraday bias higher, finds stiff resistance at 0.7310 (falling trendline).
     
  • Momentum studies are bullish, Stochs and RSI on 4 hourly charts are biased higher.
     
  • Broad-based dollar weakness after less than hawkish FOMC minutes and optimistic comments from the NZ dairy giant Fonterra to support NZD/USD.
     
  • Major support is seen around 0.72 levels, we see weakness only on break below.
     
  • Broader market sentiment and oil price action along with US macro releases due later in the NA session will influence price action.

Recommendation: Good to go long on dips around 0.7280, SL: 0.7240, TP: 0.7310/ 0.7340
 

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