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FxWirePro: NZD/USD holds above 0.68 handle, weakness only below 200-DMA
Wednesday, January 16, 2019 5:53 AM UTC
NZD/USD chart on Trading View used for analysis
- NZD/USD is trading in a narrow range on the day, holds above 0.68 handle.
- The major is extending consolidation above 200-DMA, momentum remains bullish.
- Antipodeans resilient on fresh monetary and fiscal stimulus measures announced by China.
- Momentum with the bulls. Stochs and RSI are biased higher. Scope for test of 0.69 handle ahead of 0.6969 (Dec 4th high).
- On the flipside, 5-DMA is immediate support at 0.6815. Retrace below 200-DMA will see weakness.
Support levels - 0.6814 (5-DMA), 0.6792 (200-DMA), 0.6777 (21-EMA)
Resistance levels - 0.6861 (Upper BB), 0.6909 (50% Fib), 0.6945 (Trendline), 0.6969 (Dec 4th high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-breaks-above-200-DMA-focus-on-US-CPI-data-for-further-impetus-1483077) is progressing well.
Recommendation: Stay long for targets.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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