NZD/USD long setup

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 has broken 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

Stay long on dips, SL: 0.7025, TP: 0.7077/ 0.71/ 0.7170/ 0.72

Kommentar:

Approaching TP2.

200-DMA at 0.7104 is strong resistance. Breach there to see further upside.

Kommentar:

TP2 hit. Bias higher.

USD weakness continues unabated.

The pair has breached 200-DMA resistance at 0.7104.

Kommentar:

NZD/USD erased losses and swung back into the positive territory after upbeat China services PMI.
A positive Chinese services PMI print followed the release of upbeat Chinese Caixin manufacturing PMI yesterday, lifted sentiment around the antipodeans.
The pair is holding gains above 200-DMA, bias higher.