2016.05.0201:24:00UTC+00Fxwirepro: Nzd/usd on Track to Test Channel Top at 0.7085, Good to Buy Dips

• NZD/USD extending upside in a continuation of the January bullish channel and recovery from 2016 lows at 0.6347.
   
• RBNZ staying put and catching the market out yet again with a short squeeze from just above the 0.68 level and falling just shy of the 0.70 handle.
   
• Kiwi bulls unable to hold a break on to the 0.70 handle, slip from day's highs at 0.7020.
   
• Techs are pointing north, we see scope for test of channel top at 0.7085. Upside momentum strong with RSI at 28 and Stochs are also biased higher.
   
• The pair finds strong support at 0.6928 levels which is converged 5&10 DMA, weakness only on breaks below.
   
• Resistance is seen at 0.70, 0.7049 (Apr 20th highs) and 0.7085 (channel top).
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Recommendation: Good to buy dips around 0.6980, SL: 0.6925, TP: 0.70/0.7050/0.7080