NZD/USD holds strong trendline support, long dips for 0.73

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
235 0 8
Persistent risk-on trades and recovery in oil             prices fuel appetite for risk/higher-yielding assets such as the Kiwi.

NZD/USD             reversed a temporary slide seen yesterday and resumed the ongoing bullish streak.

On the 2-hourly charts the pair has taken strong trendline support and edged higher.

Technical indicators support upside in the pair. We see a bullish 5-MA crossover on 10-MA. Stochs and RSI are biased higher.

Supports on the downside are seen at 0.7241 (2H 5-MA), 0.7225 (rising trendline ). Strong resistance is seen at 0.73.

Good to go long on dips around 0.7250, SL: 0.7220, TP: 0.73

Any breakout above 0.73 can see further upside. We had advised a long earlier (link below).

Fed speaks followed by RBNZ Assistant Governor’s speech along with Chinese trade and GDP numbers due later this week will influence the pair.

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out