FxWirePro: NZD/USD takes support at 0.6255, good to buy dips
Kiwi was heavily offered versus its American counterpart in the European morning, as markets continued to digest the latest disappointing Chinese manufacturing PMI data. NZD/USD tested lows near 0.6255 levels, has pared …
Kiwi was heavily offered versus its American counterpart in the European morning, as markets continued to digest the latest disappointing Chinese manufacturing PMI data.
NZD/USD tested lows near 0.6255 levels, has pared some of the losses on the day and is currently trading at 0.6277
Resistance on the upside is located at 0.6301 (Today's High), above which it could extend gains to 0.6392 (Sept 21 High)
To the downside immediate support might be located at 0.6241 (Sept 7 Low) below that 0.6200 (2009 Levels)
Long-term downtrend is intact, but a short-term bounce could ensue
Strong trend line support seen at 0.6255, NZD/USD has bounced off the support, Stochs on 4-hourlies are at oversold, on the verge of a bullish crossover
Recommendation: Good to buy dips around 0.6260, SL: 0.6240, TP: 0.6295.
