- NZD/USD extends range trade, but downside looks limited as kiwi remains supported on McDermott's comments.
- The Kiwi buoyed following a speech from the Reserve Bank of New Zealand's (RBNZ) Assistant Governor, John McDermott.
- McDermott said the expanded mandate which now includes employment stability will help the RBNZ to achieve price stability moving forward.
- NZD/USD up 0.24% on the day, trades shy of 78.6% Fib, break above to see further upside.
- Bullish momentum is likely to see further upside in the pair. We see scope for test of 0.7440 (major trendline).
- On the flipside, retrace below 50-DMA could see resumption of weakness till 200-DMA at 0.7183.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-Trade-Idea-1241975) has hit all targets.
Recommendation: Watch out for break above 78.6% Fib to go long. Target 0.7440.
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