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FxWirePro: NZD/USD finds stiff resistance at 0.7255, good to go long above 0.7265

  • NZD/USD hovers around stiff resistance at 0.7255, break above could see further upside.
     
  • 0.7255 is major trendline resistance on 4H charts and technical indicators on the 4H charts have turned bullish.
     
  • RSI is sharply higher and above 50 levels which indicates strength in the up-move.
     
  • Further, stochs are biased higher and MACD supports uptrend and we see +ve DMI crossover.
     
  • Upside finds immediate resistance at 4H 50-SMA at 0.7263, breakout to see test of 0.7341 (61.8% Fibo).
     
  • On the flipside, rejection at major trendline could see weakness till 0.7179 (110-EMA). Violation at 110-EMA could see major weakness.

Support levels - 0.7236 (5-DMA), 0.7179 (110-EMA), 0.71

Resistance levels - 0.7255 (trendline), 0.7263 (4H 50-SMA), 0.73, 0.7341 (61.8% Fib retrace of 0.7437 to 0.7186 fall)

Recommendation: Good to go long above 0.7263, SL: 0.7230, TP: 0.73/ 0.7340

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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