NZD/USD chart on Trading View used for analysis
- NZD/USD is trading in a narrow range with session highs at 0.6923 and lows at 0.6898.
- The pair is consolidating below major trendline resistance at 0.6930 and breakout above will see bullish continuation.
- Technical studies are bullish and we do not see major reversal signs on the charts.
- Breakout at 0.6930 (trendline resistance) will see test of 61.8% Fib at 0.7050.
- On the flipside, 5-DMA is immediate support at 0.6876. Break below 200-DMA will see bullish invalidation.
- Focus remains on U.S. NFP data for further impetus. A big beat on expectations could put a bid under the USD.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-extends-gains-above-069-handle-bullish-continuation-likely-above-06930-1491846) has hit TP1.
Recommendation: Book partial profits at highs. Watch out for break above 0.6930 for further bullishness.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
