- NZD/USD trades 0.40% higher on the day, intraday bias higher.
- Data released earlier today showed New Zealand ANZ Commodity Price rose from previous 1% to 1.5% in May.
- Also, dairy prices improved at the latest GlobalDairyTrade (GDT) price auction, albeit still falling 1.3 percent from the previous auction three weeks ago.
- The major is extending break above 21-EMA and is on track to test next immediate resistance at 50-DMA at 0.7090.
- Momentum studies are bullish and a bullish divergence on RSI and Stochs adds to further upside bias.
- Break above 50-DMA to see further upside. While on the flipside, we see weakness on break below 21-EMA.
Support levels - 0.70017 (5-DMA), 0.6988 (21-EMA), 0.6882 (May 30 low)
Resistance levels - 0.7075 (38.2% Fib), 0.7090 (50-DMA), 0.71, 0.7124 (200-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-Trade-Idea-1334592) has hit TP1.
Recommendation: Bias higher. Hold for further upside.
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