Refer NZD/USD chart on Trading View
FxWirePro Currency Strength Index for NZD/USD: Bias Bullish
FxWirePro's Hourly NZD Spot Index was at 137.118 (Bullish)
FxWirePro's Hourly USD Spot Index was at -121.486 (Bearish)
Technical Analysis: Bias Bullish
- Bounces off strong support at 0.6615 (converged 1H 200-SMA and 21-EMA)
- Bullish divergence on RSI and Stochs on the daily chart
- RSI has shown rollover and Stochs are on verge of rollover from over sold levels
- Price has broken above 5-DMA and 5-DMA has turned north
Fundamental Factors:
- Improved risk sentiment which supports the commodity complex will keep the kiwi buoyed
- Focus on FOMC minutes (due Wednesday) for further impetus
Support levels - 0.6615 (1H 200-SMA), 0.6596 (5-DMA), 0.6544 (Aug 15 low)
Resistance levels - 0.6683 (21-EMA), 0.6755 (23.6% Fib), 0.6798 (55-EMA)
Recommendation: Good to go long around 0.6615/20, SL: 0.6590, TP: 0.6640/ 0.6680
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
