NZD/USD has held strong support by 100-DMA at 0.7134 and has extended bounce from there.
The pair has edged lower from session highs at 0.7242. Weakness in the Aussie after poor employment data is weighing on the NZ dollar.
Intraday bias has turned slightly bullish after a break above 5-DMA at 0.7191 on Wednesday's trade.
Price action now finds next major resistance at 20-DMA at 0.7249, break above will see further upside.
Technical indicators are slightly bullish. Stochs have shown a bullish rollover from oversold zone and RSI is flatlined but above 50.
Support levels - 0.7199 (5-DMA), 0.7179 (38.2% Fib retrace of 0.6862 to 0.7375 rise), 0.7133 (100-DMA)
Resistance levels - 0.7249 (20-DMA), 0.7254 (23.6% Fib retrace of 0.6862 to 0.7375 rise), 0.7265 (Feb 9th high)
Good to go long on dips around 0.7220, SL: 0.7175, TP: 0.7250/ 0.7265/ 0.73
The pair has edged lower from session highs at 0.7242. Weakness in the Aussie after poor employment data is weighing on the NZ dollar.
Intraday bias has turned slightly bullish after a break above 5-DMA at 0.7191 on Wednesday's trade.
Price action now finds next major resistance at 20-DMA at 0.7249, break above will see further upside.
Technical indicators are slightly bullish. Stochs have shown a bullish rollover from oversold zone and RSI is flatlined but above 50.
Support levels - 0.7199 (5-DMA), 0.7179 (38.2% Fib retrace of 0.6862 to 0.7375 rise), 0.7133 (100-DMA)
Resistance levels - 0.7249 (20-DMA), 0.7254 (23.6% Fib retrace of 0.6862 to 0.7375 rise), 0.7265 (Feb 9th high)
Good to go long on dips around 0.7220, SL: 0.7175, TP: 0.7250/ 0.7265/ 0.73