FxWirePro: NZD/USD breaks major resistance at 0.7059, eyes 200-DMA at 0.7104

• NZD/USD has shown a decisive breakout above major resistance at 0.7059 (converged 100 and 20 W SMA).
   
• Technical studies on weekly charts are bullish, Stochs have rolled over from oversold levels and RSI is biased higher.
   
• MACD is on verge of a bullish crossover on signal line which if completed adds to bullish bias.
   
• Next bull target lies at 200-DMA (0.7104), violation there could see further upside.
   
• The pair has hit fresh 2-month highs at 0.7094, breach at 200-DMA targets 0.72 levels.
   
• On the flipside, immediate support lies at 5-DMA at 0.7045, weakness likely on break below.

Support levels - 0.7077 (38.2% Fib retrace of 0.7558 to 0.67804 fall), 0.7061 (20W SMA), 0.7045 (5-DMA)

Resistance levels - 0.7104 (200-DMA), 0.7206 (Oct 17 high), 0.7261 (61.8% Fib)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-extends-grind-higher-along-5-DMA-eyes-100-DMA-at-07075-1073404) has hit all targets.

Recommendation: Book partial profits. Stay long for 0.71/ 0.7165/ 0.72.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 108.311 (Bullish), while Hourly USD Spot Index was at -102.586 (Bearish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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