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FxWirePro: NZD/USD closes bearish gap, edges above 21-EMA, stay long on close above

  • NZD/USD closed bearish gap open and is currently trading 0.21% higher on the day at 0.6820 at the time of writing.
     
  • The pair has edged above 21-EMA at 0.6812 and is hovering around major trendline resistance at 0.6825.
     
  • We evidence bullish divergence on RSI and Stochs which keeps scope for upside in the pair.
     
  • Close above 21-EMA and breakout at major trendline resistance at 0.6825 will see further upside.
     
  • Next major resistance lies at 23.6% Fib at 0.6855 ahead of 50-DMA at 0.6884.
     
  • On the flipside, rejection at 21-EMA could see 0.6730 (minor trendline support). Violation there will see further drag.

Support levels - 0.6812 (21-EMA), 0.68, 0.6789 (5-DMA)

Resistance levels - 0.6825 (Major trendline), 0.6855 (23.6% Fib), 0.6884 (50-DMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -95.3184 (Neutral), while Hourly USD Spot Index was at -79.6893 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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