FxWirePro: NZD/USD recovers from post-RBNZ lows, holds above 0.6420 support
NZD/USD is attempting a minor-recovery from post-RBNZ lows, is currently trading at 0.6442. The pair hit lows of 0.6416, after RBNZ hinted an easing bias in wake of the global uncertainties. NZD/USD closed Wednesday's tr…
NZD/USD is attempting a minor-recovery from post-RBNZ lows, is currently trading at 0.6442.
The pair hit lows of 0.6416, after RBNZ hinted an easing bias in wake of the global uncertainties.
NZD/USD closed Wednesday's trade above the 0.6420 support, which is a positive for near-term uptrend.
Long-term bias is definitely lower, but some upside could be seen if pair holds above 0.6420 support for the week.
Upbeat NZ trade deficit data for Dec which came in at $53 million, from a revised $799 million in November and stronger than the forecast deficit of $131 million supported recovery.
On the upside, immediate resistance is located at 0.6456 (10-DMA), above which it could extend gains to 0.6480 (Jan 18 highs).
To the downside immediate support might be seen at 0.6425 (Jan 26 Low) and further below at 0.6420 (Trendline support).
