FxWirePro: NZD/USD finds stiff resistance at 0.6738, good to buy breakout above
NZD/USD tracks Aussie higher amid improved risk sentiment, jumps +0.55% to hit fresh session highs of 0.6732. The pair finds stiff resistance at 0.6738 (trendline & 4H 50-SMA), break above required for further upside. Su…
NZD/USD tracks Aussie higher amid improved risk sentiment, jumps +0.55% to hit fresh session highs of 0.6732.
The pair finds stiff resistance at 0.6738 (trendline & 4H 50-SMA), break above required for further upside.
Surprisingly positive NZ building approvals combined with a recovery seen in the commodities’ prices, particularly oil and gold also aiding upside.
US core PCE index, consumer confidence and personal spending data due later today along with Chinese manufacturing PMI data due tomorrow in focus for further direction in the pair.
Immediate support is seen at 0.6724 (100-DMA) and further below at 0.6717 (5-DMA).
On the upside resistance is located at 0.6738 (4H 50-SMA, trendline), 0.6758 (May 30th highs) and then 0.68.
Recommendation: Good to buy breakout above 0.6738, SL: 0.67, TP: 0.6780/0.68
