As the price action continues to favor NZD longs, Kiwi traders should expect the pair to move toward the .7200 figure with sustained momentum seeing the pair touching the .7350. Indicators point to a slowing trend with ADX (DMI) falling to 21.3. The daily Stochastic is below the overbought level at 75.61 with 4-hour chart Stochastic also neutral at 36.28. RSI is neutral at 49.48 on the daily chart as well as on the dealer (4HR) chart at 54.25. MACD has made a bullish crossover below the zero line on the daily chart and is pointing downward toward the zero line on the (4HR) chart. In case the NZD bulls fail to breach the .7200 figure and fall back, the next level they will most likely find some support will be .6950.
|.7251||Major||May 10 spike low|
|.7213||Intermediate||61.8 Fib of the .7377-.6950 USD rally|
|.7193||Minor||May 13 daily spike high|
|.7050||Intermediate||23.6 Fib of the .7377-.6950 USD rally|
|.7016||Major||June 6 daily low|