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NZD/USD remains strong in ascending channel

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    NZD/USD is currently trading with a high of 0.6857 and a low of 0.6824.

    NZD/USD has been making convincing advances in a recovery of 0.6758 lows form the 0.6965 highs at the end of March. As with the commodity currencies, a correlation with the price of oil supported the bid and coupled with a mixed dollar, the bird was able to take advantage, buoyed by a 2% bounce in GDT dairy auction prices earlier in the week.

    For overnight trade, the market's sentiment improved helped by an uptick in China’s economic activity yesterday and that filtered through ahead of the FOMC minutes where it was indicated that the FOMC is prepared to move so long as the persistent global risks stay as just risks and do not actually filter down and effect the health of the American economy, as they acknowledged employment remains strong, whilst inflation is starting to rise.

    NZD/USD levels

    Technically, NZD/USD has risen by over a cent in total in the last few sessions, snapping the recent bear trend that met 28th March highs as previous resistant that has turned to support. Near term support levels are located at the 0.6800 level and pivot of 0.6801. S1 is located at 0.6762, S2 at 0.6741 and S3 at 0.6707, guarding 27th March low of 0.6662. The wider picture is bullish within the channel from 0.6345 targeting 0.7100.
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