- NZD/USD has breached 200 DMA at 0.6850, traded tight 0.6843/65 range thus far in Asia
- Uptrend in the pair is on track, trades within the ascending channel from middle of November lows
- Topside bias underpinned by demand for NZ financial assets, broad USD weakness also rounding out positive NZD backdrop
- Techs bullish, test of 0.6900 levels (Oct 15/16 tops) are likely, RSIs remain biased up, price action is above the cloud and 5&10 DMAs
- 0.6850 200-DMA resistance now flips to support, then 0.6834 5-DMA is the next support. Little chart resistance till 0.6887 (Oct 16 high) and 0.6897 (Oct 15 high)
Recommendation: Good to buy dips around 0.6850, SL: 0.6820, TP: 0.69
The material has been provided by InstaForex Company – www.instaforex.com