26 Februari 2016 2:43 AM
The NZD/USD pair extends its bullish run into a third day this Friday, with the bulls bolstered by surprisingly positive NZ trade balance figures.NZD/USD trades above all major DMAs
Currently, the NZD/USD pair jumps 0.52% to 0.6757, retreating from fresh seven-week peaks reached at 0.6674 post-China open. The bid tone surrounding the Kiwi even got better after the Asian indices joined the global rally, with the Chinese equities staging a solid comeback after yesterday’s almost 6% crash.
The NZD/USD pair remains strongly bid as the New Zealand dollar received fresh impetus from the NZ trade balance unexpectedly jumped to surplus. The trade balance swung from a deficit of NZD38.0 mn in December to a surplus of NZD8.0 mn last month, much stronger than the forecast of a NZD 250 mn deficit.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6774/88 (Daily High & R1), above which it could extend gains to 0.6846/50 (Jan 4 High/ psychological levels). To the downside immediate support might be located at 0.6705/01 (1h 20-SMA/ 5-DMA) and from there to 0.6671/62 (1h 100-SMA/ 10-DMA).
(Market News Provided by FXstreet)
