Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: NZD/USD breaks stiff trendline resistance at 0.7054, bias higher

  • NZD/USD has broken stiff trendline resistance at 0.7054 to hit highs of 0.7096 on the day.
     
  • 5-DMA at 0.7095 is major resistance on the upside, breaks above will see upside resume.
     
  • The pair largely ignored NZ government's unscheduled upward revision of the jobless rate.
     
  • However, Kiwi bulls taking a breather after NZ Finance Minister warned the RBNZ has the room to cut rates if needed.
     
  • The pair has paused upside and is currently trading around 0.7085 levels, intraday bias is higher.
     
  • Upside in the pair intact till price action holds above 20-DMA support at 0.7043.
     
  • Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-capped-below-stiff-resistance-at-07054-further-upside-only-on-break-above-228230) is progressing.

Recommend holding for targets.
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.