Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: NZD/USD extends gains, eyes level 0.6050

• The New Zealand strengthened on Monday as easing   U.S.-China trade tensions and weaker dollar boosted kiwi dollar.

• New Zealand is set to release its quarterly employment data on Wednesday, with the unemployment rate expected to rise to 5.3% from 5.1% in Q4.

• The Reserve Bank of New Zealand will also release its biannual Financial Stability Report on Wednesday.

• Markets have priced in a 75% probability that the Reserve Bank of New Zealand (RBNZ) will cut interest rates by 25 basis points later this month, with expectations pointing to a total of three rate cuts over the course of the year.

• At GMT 06:30, The NewZealand dollar was 0.55% stronger at $0.5973 against US dollar

•  Immediate resistance is located at 0.5984(38.2%fib), any close above will push the pair towards 0.6072(23.6%fib).

•  Support is seen at 0.5943 (Daily low) and break below could take the pair towards 0.5913(50%fib).

 Recommendation: Good to buy around 0.5960 with stop loss of 0.5840 and target price of 0.6050

  • Market Data
Close

Welcome to EconoTimes

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