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NZD/USD: robust in bullish channel

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZD/USD is currently trading at 0.6921 with a high of 0.6927 and a low of 0.6849.

    NZD/USD has remained robust and within a steeping bid within the 0.6780 channel formed at the end of last week, despite oil selling off after the API data showed a large build of 6.2m bbl and WTI falling to $41.51 from $42.19. NZD has been outperforming and had already achieved a score on the 0.69 handle earlier in the London/US cross over today. For the day ahead in Asia, we await the Chinese trade balance as a potential mover for the antipodeans.

    NZD/USD levels

    NZD/USD remains better bid within the aforementioned rising channel R3 0.6984 on a break of 0.6965 and 25th March 2016 highs. The weekly charts have the 10 and 20 sma moving up through the 50 sma in a bullish technical support for the pair as well. To the downside, 0.6768 is the recent low on the daily chart to watch for ahead of 0.6662 low on the 27th March stick.
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