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Long

NZD/USD Weekly Outlook

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
186 0 0
Overall Trend- Bullish

NZD/USD             has recovered after making a low of 0.76890 in previous week. Overall trend is bullish as long as 0.7680 holds.

In this week NZD/USD             movement depends on the major indicators such as New Zealand Institute of Economic research which releases its quarterly survey of business opinion on Tuesday and Dec Quarter CPI             data which will be released on Wednesday. Chinese data including fourth quarter GDP and Dec industrial production, retail sales and fixed asset investment totals also to be watched, with China a major export destination for New Zealand.
The NZD/USD             is facing major resistance around 0.7890 (previous week high) and any break above will take the pair to 0.79739 and 0.8035 in short term.
On the downside NZD/USD             major support is around 0.7680 and any break below the level will target 0.7650/0.7600.

Recommendation: Buy NZD/USD             around 0.7760, SL 0.7680, Target 0.7890/0.7970.
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