FxWirePro: NZD/USD extends break above 50% Fib, outlook bullish
NZD/USD chart - Trading View
NZD/USD was trading 0.33% higher on the day at 0.7173 at around 08:40 GMT.
Previous Week's High/ Low: 0.7077/ 0.6911
Previous Session's High/ Low: 0.7172/ 0.7076
A stronger yuan and risk-on mood underpin antipodeans. An unexpected fall in US September Building permits keeping the USD under pressure.
The People’s Bank of China (PBOC) maintained the one-year loan prime rate (LPR) at 3.85% for the 18th month in a row at its October fixing.
International Monetary Fund’s China mission Chief and Assistant Director in the Asia and Pacific Department, Hedge Berger said that Evergrande risk to China is contained for now. Sentiment buoyed after comments.
- NZD/USD has broken major resistance at 50% Fib, 200-DMA and channel top
- Momentum is strongly bullish, Stochs and RSI are biased higher
- Volatility is high and rising as evidenced by widening Bollinger bands
- MACD and ADX support further upside in the pair
Major Support and Resistance Levels:
Support - 0.7134 (50% Fib), Resistance - 0.7195 (200-month MA)
Summary: NZD/USD trades with a major bullish bias. Price action has broken above 50% Fib at 0.7134. Next major resistance lies at 200-month MA at 0.7195. Decisive break above will open upside.