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