Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: NZD/USD finds major resistance at 0.7230, further upside only on break above

  • RBNZ rate cut by 25 basis points to 2.2 percent is largely priced in by the markets.
     
  • Broad-based USD sell-off supporting NZD/USD higher ahead of the RBNZ meeting tomorrow.
     
  • The pair is extending upside after bounce off from 50-DMA at 0.7090 on Aug 8th, broke above 20-DMA and 61.8% Fib at 0.7181.
     
  • Momentum studies are bullish, Stochs and RSI are biased higher.
     
  • Pair finds major trendline resistance at 0.7230, upside on the day capped below that level.
     
  • Break above could see further gains upto 0.7244, 0.7281 and then 0.73 levels.
     
  • Bullish invalidation only on break below 50-DMA currently at 0.7106, violation there could see test of 0.6956.

Recommendation: Good to go long on breakout above 0.7230, Sl: 0.7180, TP: 0.7280/ 0.73/ 0.7325
 

  • Market Data
Close

Welcome to EconoTimes

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