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FxWirePro: NZD/CHF breaks above 20-dma at 0.6785, good to go long on close above

Source FxWire Pro - Technicals Wednesday, 6 Dec, 2017 05:13:52 GMT
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  • NZD/CHF breaks above 20-DMA at 0.6785, further upside only on close above.
     
  • Better-than-expected Chinese services PMI data and comments by the RBNZ Governor Spencer keep support for the kiwi.
     
  • Spencer said that Reserve Bank of New Zealand has become more flexible on inflation targeting.
     
  • Momentum indicators on daily charts are bullish, RSI is biased higher, but remains below 50 levels.
     
  • Decisive close above 20-DMA can see test of 0.6844 (23.6% Fib) ahead 50-DMA at 0.6865.
     
  • Rejection at 20-DMA raises scope for test of 5-DMA at 0.6755 and then trendline at 0.67 levels.

Recommendation: Watch out for close above 20-DMA to go long.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 138.634 (Bullish), while Hourly CHF Spot Index was at -95.9257 (Bearish) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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