FxWirePro: NZD/USD Holds Cloud Support, Targets 50-DMA at 0.6832, Good to Buy Dips
23 May 2016, 06:52
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FxWirePro: NZD/USD Holds Cloud Support, Targets 50-DMA at 0.6832, Good to Buy Dips
- NZD/USD is extending recovery from 2-month lows at 0.6709 hit on 19th May and is attempting to retake the 0.68 handle.
- The pair has broken above 5&10 DMAs and is on track to test 50-DMA at 0.6832.
- Intraday momentum is bullish, RSI is biased north and stochs have rolled over from oversold levels.
- Cloud offers strong support on the downside, pair has held above cloud base at 0.6756, weakness only on break below.
- Upside finds stiff resistance at 0.6813 (cloud top), 0.6832 (50-DMA) and then 0.6842 (trendline).
Recommendation: Good to buy dips around 0.6790/0.6795, SL: 0.6755, TP: 0.6830/0.6840
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