0.66 strong support for NZD/USD, scope for upside rising
A stable USD/CNY fix by PBoC earlier today spurred a relief rally in Asian equities, which saw the Aussie and Kiwi better bid.
0.6590 is strong trendline support, NZD/USD held support at 0.6590 on Thursday and has edged higher on the day, range till now 0.6615/78.
A doji forms on Thursday's candle suggesting a bounce might be due, Stcohs are at ovresold levels and show a bullish crossover, rollover from oversold zone should see further upside.
On the other side, breach on trendline support which is currently at 0.6600 will take the pair to 0.6428 levels (Nov 18th lows).
Immediate resistance for the pair is seen at 0.6667 (Daily high Jan 7), while support on the downside lies at 0.6600.
We would buy dips around 0.6630, SL: 0.6590, TP: 0.6720/50
Resistance Levels:
R1: 0.6667 (Daily high Jan 7)
R2: 0.6675 (55-Day MA)
R3: 0.6709 (Session high Jan 6)
Support Levels:
S1: 0.6600 (Rising trendline & Daily Cloud Top)
S2: 0.6590 (Daily low Jan 7)
S3: 0.6585 (100 DMA)
0.6590 is strong trendline support, NZD/USD held support at 0.6590 on Thursday and has edged higher on the day, range till now 0.6615/78.
A doji forms on Thursday's candle suggesting a bounce might be due, Stcohs are at ovresold levels and show a bullish crossover, rollover from oversold zone should see further upside.
On the other side, breach on trendline support which is currently at 0.6600 will take the pair to 0.6428 levels (Nov 18th lows).
Immediate resistance for the pair is seen at 0.6667 (Daily high Jan 7), while support on the downside lies at 0.6600.
We would buy dips around 0.6630, SL: 0.6590, TP: 0.6720/50
Resistance Levels:
R1: 0.6667 (Daily high Jan 7)
R2: 0.6675 (55-Day MA)
R3: 0.6709 (Session high Jan 6)
Support Levels:
S1: 0.6600 (Rising trendline & Daily Cloud Top)
S2: 0.6590 (Daily low Jan 7)
S3: 0.6585 (100 DMA)
