NZD/USD chart - Trading View
- NZD/USD trades marginally weaker on the day at 0.6758 at 1055 GMT.
- The pair has bounced off 200-DMA and channel base support, weakness only on break below.
- Price is holding above 5-DMA and is hovering around 38.2% Fib at 0.6761.
- RSI has turned and Stochs are at oversold levels with scope for minor pullbacks.
- Upside finds strong resistance at 1H 200-SMA at 0.6763. Break above will likely see gains upto 110-EMA at 0.6792.
- Breakout at 110-EMA confirms near-term bullishness. On the flipside, weakness to resume on decisive break below 200-DMA.
- Focus now on U.S. PPI and initial jobless claims for further impetus.
- The US PPI is expected to remain unchanged at 1.9% y/y but could increase to +0.3% from +0.1% on the monthly basis in March.
- Also, initial jobless claims for the week ended on April 05 could increase to 211K from 202K.
Support levels - 0.6746 (5-DMA), 0.6733 (200-DMA), 0.67
Resistance levels - 0.6763 (1H 200-SMA), 0.6792 (110-EMA), 0.68
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
