FXWIREPRO: NZD/USD Edges Above 0.68 Handle, Rise in Oil Prices Supports
- NZD/USD retakes the 0.68 handle as commodity currencies are being supported by sharp rise in oil.
- With the US dollar still on the back foot the risks for NZD/USD remain to the upside.
- US growth estimates for Q1 have been slashed (to 0.1% y/y by the Atlanta Fed) and markets give a June hike only a 20% chance.
- NZ data calendar has nothing major this week, with electronic retail spending and REINZ house sales and prices (Mon), Wed sees food prices, and Thu has manufacturing PMI.
- Pair currently trades around day's highs at 0.6820, next immediate resistance is seen at 0.6830 (Apr 4th highs).
- 5-DMA at 0.6803 is immediate support on the downside ahead of 0.6783 (Mar 18th lows) and then 0.6780 (Dec 24th lows).
- Momentum studies for now are neutral, weakness only below 0.6760.
The material has been provided by InstaForex Company - www.instaforex.com