Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: NZD/USD tests cloud resistance, outlook bullish on break above

Chart - Courtesy Trading View 

  • NZD/USD was trading 0.53% higher on the day at 0.6883 at around 10:20 GMT.
     
  • The pair is extending upside for the third consecutive session and is currently testing daily cloud resistance.
     
  • Commodity currencies buoyed on broad based US dollar weakness after release of US inflation data overnight.
     
  • Data released overnight showed U.S. consumer prices rose at their fastest rate in nearly 40 years.
     
  • CPI printed at 7% month-on-month, slightly higher than forecast, while the increase in year-on-year CPI was the biggest since June 1982.
     
  • The Fed in two weeks the Fed holds its first meeting of the year and rate outlook is seen unchanged by the CPI data. 
     
  • Technical bias for the pair has turned bullish. The pair is set to resume upside after extending sideways at 200-week MA support.
     
  • The pair has broken above 55-EMA, momentum is bullish and volatility is rising. Scope for test of 110-EMA at 0.6925.
     
  • Market Data
Close

Welcome to EconoTimes

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