Monday , January 22 2018
Home / Blogs / FxWirePro: NZD/USD finds stiff resistance at 0.7059, breakout to propel the pair higher

FxWirePro: NZD/USD finds stiff resistance at 0.7059, breakout to propel the pair higher

NZD/USD finds stiff resistance at 0.7059, breakout to propel the pair higher

  • NZD/USD extends grind higher, holds above 5-DMA which is immediate support at 0.7028.
  • The pair has hit fresh 2-month highs at 0.7052, intraday bias remains higher.
  • Technical studies on weekly charts are bullish, Stochs have rolled over from oversold levels and RSI is biased higher.
  • MACD is on verge of a bullish crossover on signal line which if completed adds to bullish bias.
  • The pair finds stiff resistance at 0.7059 which is converged 100 and 20 week moving averages.
  • Breakout at 0.7059 will see the pair propelled higher. Scope then for test of 0.7075 and then 0.7169 levels.
  • On the flipside, weakness likely on break below 5-DMA, test of 20-DMA at 0.6941 then likely.

Support levels – 0.7027 (5-DMA), 0.6963 (23.6% Fib retrace of 0.7558 to 0.6780 fall), 0.6941 (20-DMA)

Resistance levels – 0.7059 (converged 100 and 20 W SMA), 0.7072 (100-DMA), 0.71

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-extends-grind-higher-along-5-DMA-eyes-100-DMA-at-07075-1073404) is progressing well.

Recommendation: Stay long for targets.

FxWirePro Currency Strength Index: FxWirePro’s Hourly NZD Spot Index was at 24.7953 (Neutral), while Hourly USD Spot Index was at -117.926 (Bearish) at 0500 GMT.

Source: FXWire Technicals

 

About Makkaba Co., Ltd.

Makkaba Co., Ltd.

Hotline: (+84)(0) 904935786; Tel.: (+84) (0)28.35208726
Email: m2mtradingsignals@gmail.com - Phone:

Check Also

Americas roundup: U.S. shutdown fears pressure Dollar, on track for worst run since 2015, Wall street ends higher, Gold inches up, Oil prices fall as rally falters on growing U.S. output concerns-january 20th 2018

Americas roundup: U.S. shutdown fears pressure Dollar, on track for worst run since 2015, Wall …

Asia roundup: antipodeans firm near multi-month peaks, Dollar eases on U.S. government shutdown worries, Asian shares at record high – Friday, January 19th, 2018

Asia roundup: antipodeans firm near multi-month peaks, Dollar eases on U.S. government shutdown worries, Asian …

Leave a Reply

Your email address will not be published. Required fields are marked *