FxWirePro: NZD/USD consolidating break above 'Triple Top', weakness only on retrace below 0.7385

• NZD/USD is seen consolidating upside after break above 'Triple Top' on Friday last week.
• Modest pickup in the US Treasury bond yields helped the greenback stage a minor recovery and weighed on higher yielding currencies.
• NZD/USD hit session lows of 0.7401, but has since pared losses to currently trade around 0.7440.
• Technical studies support upside in the pair, we see scope for test of 0.7485 levels.
• The next big event risk is the FOMC decision on Wednesday which will decide future price movement.
• In today's economic docket, the release of flash PMI print and existing home sales data will be looked upon for further impetus.

Support levels - 0.74, 0.7385 (trendline) 0.7327 (20-DMA), 0.73, 0.7215 (50-DMA)

Resistance levels - 0.7485 (Sept 7 2016 high), 0.7506 (May 13 2015 high), 0.7610 (Mar 4 2015 high)

Call update: We hold onto our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-breaks-triple-top-good-to-long-break-above-major-resistance-at-07431-814851) .

Recommendation: Stay long.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 62.4539 (Bearish), while Hourly USD Spot Index was at -124.08 (Bearish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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