- NZD/USD edges lower from session highs at 0.7296, intraday bias higher.
- The pair has broken strong trendline resistance at 0.7265 and 200 SMA at 0.7272 on the 4H charts.
- Price is extending gains for 2nd straight session after holding above 200-DMA support.
- Technical studies are turning bullish. RSI has edged above 50 levels and is biased higher.
- Price is currently hovering round 50-DMA at 0.7283, break above will see further upside.
- We see weakness only on break below 200-DMA, scope then for test of 0.7030 (61.8% Fib).
- Focus now on US NFP data due on Friday for further impetus.
Support levels - 0.7253 (20-DMA), 0.7243 (5-DMA), 0.7185 (nearly converged 200-DMA and 38.2% Fib and cloud base)
Resistance levels - 0.7283 (50-DMA), 0.73, 0.7328 (61.8% Fib)
Recommendation: Good to go long on dips around 0.7275, SL: 0.7040, TP: 0.73/ 0.7330/ 0.7354.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 87.4033 (Bullish), while Hourly USD Spot Index was at 6.36407 (Neutral) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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