FxWirePro: Kiwi remains strongly bid, NZD/USD hits fresh highs for the month at 0.6995
NZD/USD extends gains on the back of Monday's upbeat CPI data to hit fresh 9-month highs at 0.6995. The pair has broken strong trendline resistance at 0.6950 on the 4-hourly charts and is on track for further gains. Mome…
NZD/USD extends gains on the back of Monday's upbeat CPI data to hit fresh 9-month highs at 0.6995.
The pair has broken strong trendline resistance at 0.6950 on the 4-hourly charts and is on track for further gains.
Momentum studies are bullish, though Stochs at overbought suggests some caution.
Should the upside play out beyond June 2015 resistance located at 0.7011 test of 0.7200 (early 2015 lows) likely.
Markets look forward to the GTS price index along with the RBNZ's decision later this month for further clues on direction.
Immediate resistance is located at 0.70 and then at 0.7011 ahead of 0.7025. Supports are seen at 0.6950 (trendline), 0.6924 (5-DMA) and 0.6898 (April 13th lows).
Recommendation: Go long on break above 0.7015, SL: 0.6950, TP: 0.7085/0.71
