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FxWirePro: NZD/USD finds stiff resistance at 0.6738, good to buy breakout above

  • NZD/USD tracks Aussie higher amid improved risk sentiment, jumps +0.55% to hit fresh session highs of 0.6732.
     
  • The pair finds stiff resistance at 0.6738 (trendline & 4H 50-SMA), break above required for further upside.
     
  • Surprisingly positive NZ building approvals combined with a recovery seen in the commodities’ prices, particularly oil and gold also aiding upside.
     
  • US core PCE index, consumer confidence and personal spending data due later today along with Chinese manufacturing PMI data due tomorrow in focus for further direction in the pair.
     
  • Immediate support is seen at 0.6724 (100-DMA) and further below at 0.6717 (5-DMA).
     
  • On the upside resistance is located at 0.6738 (4H 50-SMA, trendline), 0.6758 (May 30th highs) and then 0.68.

Recommendation: Good to buy breakout above 0.6738, SL: 0.67, TP: 0.6780/0.68
 

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