NZD/USD: looking for a break above key resistance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    NZD/USD is currently trading at 0.6728 with a high of 0.6730 and a low of 0.6718.

    NZD/USD rallied from the 100 sma on the 5 min sticks to the 50 sma on the same time frame on the releases of the NZ trade balance improving. The headline was $-3.58b vs $-3.840b exp, but slightly higher than $-3.549b prior y/y Jan, but the m/m was a good result up $8m vs -$271m expected. Exports on the other hand were not as good as prior, but beat expectations for Jan, so the kiwi is bid and outperforming.

    NZD/USD levels

    Technically, the bird is now challenging the path of recent highs of 0.6729 with a post-data high of 0.6724.

    0.6750 is the key target and closes above there will break the recent resistance line set at the start of Feb at 0.6748 on the 5th Feb and will leave the 200 dma behind at 0.6652 ad the pivot of 0.6642. R3 is located at 0.6788 although RSI on the hourly signals a period of consolidation as it approaches 70 from 68.60 currently.

    We now await US GDP tomorrow, and here our US GDP live coverage's page for registration purposes to follow the event.
    For more information, read our latest forex news.

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