NZD/USD has edged higher from session lows at 0.6450 after holding trendline support and is currently trading at 0.6483.
- The pair has been trending sideways, a data packed NZ calendar this week could provide some cues for further direction.
- GDT dairy auction (Tue), Q4 labour market data, with the unemployment rate (Wed) and US payrolls (Fri) have the potential to surprise NZD/USD in both directions.
- NZD/USD to remain under downward pressure during the next few months, with expectations of RBNZ rate cut twice this year.
- Short-term bias is higher, Stochs on 4H charts have shown a bullish crossover from oversold level and RSI in also biased higher.
Recommendation: Good to go long on dips around 0.6475, SL: 0.6450, TP: 0.65/0.6530
Resistance Levels:
R1: 0.6487 (4h 10 DMA)
R2: 0.6491 (Jan 15 highs)
R3: 0.6512 (Jan 26 highs)
Support Levels:
S1: 0.6450 (Session lows and trendline support)
S2: 0.6473 (5-DMA)
S3: 0.6466 (10-DMA)
