NZD/USD breaks 200W SMA, next bull target - 78.6% Fib (0.7391)
NZD/USD bulls on the rampage, pair is extending gains for the 6th consecutive week.
For the day, the major is up 0.56%, trading at 0.7293 at the time of writing.
We see major breakouts at the following points: daily Ichimoku cloud, 200-DMA, major trendline, 61.8% Fib and 200W SMA.
Next bull target lies at 0.7391 (78.6% Fib retrace of 0.7558 to 0.6780 fall). Break there to test 0.7434 (Sept 20 high).
Focus now on the GlobalDairyTrade (GDT) price auction to be held on January 16 for further direction.
Support levels - 0.7261 (61.8% Fib retrace of 0.7558 to 0.6780 fall), 0.7233 (5-DMA), 0.72
Resistance levels - 0.73, 0.7391 (78.6% Fib), 0.74, 0.7434 (Sept 20 high)
Good to go long on dips around 0.7275/80, SL: 0.7230, TP: 0.73/ 0.7365/ 0.7390
For the day, the major is up 0.56%, trading at 0.7293 at the time of writing.
We see major breakouts at the following points: daily Ichimoku cloud, 200-DMA, major trendline, 61.8% Fib and 200W SMA.
Next bull target lies at 0.7391 (78.6% Fib retrace of 0.7558 to 0.6780 fall). Break there to test 0.7434 (Sept 20 high).
Focus now on the GlobalDairyTrade (GDT) price auction to be held on January 16 for further direction.
Support levels - 0.7261 (61.8% Fib retrace of 0.7558 to 0.6780 fall), 0.7233 (5-DMA), 0.72
Resistance levels - 0.73, 0.7391 (78.6% Fib), 0.74, 0.7434 (Sept 20 high)
Good to go long on dips around 0.7275/80, SL: 0.7230, TP: 0.73/ 0.7365/ 0.7390
