- NZD/USD breaks 20-DMA at 0.6913, intraday bias higher.
- Bullish RSI divergence seen on daily charts, raises scope for upside.
- Technical indicators are bullish, next immediate resistance seen at 0.6950 (trendline).
- Break above 0.6950 targets 50-DMA at 0.6961.
- Weakness only on break below 5-DMA support at 0.6878.
Support levels - 0.6913 (20-DMA), 0.69, 0.6878 (5-DMA), 0.6817 (May 11 low)
Resistance levels - 0.6950 (trendline & 23.6% Fib of 0.7375 to 0.6817 fall), 0.6961 (50-DMA)
TIME TREND INDEX OB/OS INDEX
1H Bullish Overbought
4H Bullish Neutral
1D Neutral Neutral
1W Bearish Neutral
Recommendation: Good to go long on decisive break above 20-DMA at 0.6913, SL: 0.6860, TP: 0.6950/ 0.6970/ 0.70
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 70.0741 (Slightly bullish), while Hourly USD Spot Index was at -134.299 (Bearish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.