FxWirePro: NZD/USD upside stalls at channel top, slips below 5-DMA at 0.6969
Despite risk-on sentiment, the Kiwi has been left on the sidelines, trades narrow range on the day (0.6982-0.6955). Upside in the pair stalls at channel top resistance at 0.7054, pair has now slipped below 5-DMA support …
Despite risk-on sentiment, the Kiwi has been left on the sidelines, trades narrow range on the day (0.6982-0.6955).
Upside in the pair stalls at channel top resistance at 0.7054, pair has now slipped below 5-DMA support at 0.6970.
Higher US equities overnight and rising oil prices provided fresh impetus to the Asian indices.
Data earlier today showed NZ’s jobs ads rose strongly in March, internet job advertising lifted 2.8% (sa) in March, while newspaper job advertising rose 4.4% m/m (sa), but remains on a downward trend.
The bird has had its own domestic positives of late, including upbeat dairy prices. Focus now shifts to RBNZ policy meet next week.
After recently surprising markets with a rate cut to all time record lows of 2.25%, Wheeler left the door open for further cuts in a very weak inflationary environment.
Technicals on 4H charts support downside. Pair finds next support at 0.6955, breaks below will find next support at 0.6920 and then 0.6880 (rising trendline).
Recommendation: Good to sell rallies around 0.6970/75, SL: 0.70, TP: 0.6920/0.69/0.6880