• NZD/USD remained steady on Friday as the New Zealand dollar continued to attract bids, buoyed by Thursday’s upbeat data showing a surge in business confidence.
•New Zealand’s business confidence index surged to 50.6 in August, up from 27.1 in July, reaching its highest level in a decade.
• The New Zealand dollar held steady at $0.6262 against greenback, having reached a high of $0.6298 overnight.
• Technical highlight upside risks for AUD/ USD, with momentum studies, 5, 10 and 21 DMAs tracking north .
• Immediate resistance is located at 0.6256(23.6%fib), any close above will push the pair towards 0.6278 (Higher BB).
• Support is seen at 0.6189 (38.2%fib) and break below could take the pair towards 0.6131(50%fib).
Recommendation: Good to buy around 0.6250 with stop loss of 0.6170 and target price of 0.6300
