Broad based weakness in US Dollar and rising commodities buoying the Kiwi.
- The pair has broken strong resistance at 0.6850 on the day, but has pared some gains to currently trade at 0.6836 levels.
- Close above 0.6850 will see further upside to 0.6883/0.6897/0.06925 levels.
- Price action on the weekly charts has entered cloud, and technicals point to further gains.
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-extends-rally-on-the-067-handle-break-above-06785-resistance-to-test-06835-levels-180263) has achieved all targets.
- 0.6850 is strong resistance for the pair. Only decisive close above could see further upside.
Recommendation:
- We advise booking full profits in the trade.
- Enter fresh longs only on close above 0.6850, SL: 0.68, TP: 0.6883/0.6897/0.06925
