15.02.201721:01:00UTC+00Fxwirepro: Nzd/usd Bounces Off 100-Dma Support, Good to Go Long on Dips

• NZD/USD has held strong support by 100-DMA at 0.7134 and has extended bounce from there.
   
• The pair has edged lower from session highs at 0.7242. Weakness in the Aussie after poor employment data is weighing on the NZ dollar.
   
• Intraday bias has turned slightly bullish after a break above 5-DMA at 0.7191 on Wednesday's trade. 
   
• Price action now finds next major resistance at 20-DMA at 0.7249, break above will see further upside.
   
• Technical indicators are slightly bullish. Stochs have shown a bullish rollover from oversold zone and RSI is flatlined but above 50.
   

Support levels - 0.7199 (5-DMA), 0.7179 (38.2% Fib retrace of 0.6862 to 0.7375 rise), 0.7133 (100-DMA)

Resistance levels - 0.7249 (20-DMA), 0.7254 (23.6% Fib retrace of 0.6862 to 0.7375 rise), 0.7265 (Feb 9th high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral                  Neutral       
4H          Bullish                   Neutral       
1D          Bullish                   Neutral        
1W         Bullish                   Neutral      

Recommendation: Good to go long on dips around 0.7220, SL: 0.7175, TP: 0.7250/ 0.7265/ 0.73

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 134.384 (Highly bullish), while Hourly USD Spot Index was at -68.8179 (Bearish) at 0150 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.