FxWirePro: NZD/USD Struggles at Channel Top, Upside to Resume on Breaks Above
- Antipodeans were supported overnight by positive risk environment, while the USD remained under pressure generally as housing data disappointed.
- Data released yesterday showed US housing starts fell 8.8% in March following an upwardly revised 6.9% gain in February.
- NZ dairy prices rose 3.8% in last night's GDT auction. This was a notably stronger outturn than had been signalled by futures markets.
- NZD/USD hit highs of 0.7054 on Tuesday and is currently trading around 0.7011 levels.
- The pair finds strong channel top resistance at 0.7035, close above is required for further upside.
- Our previous call (http://www.econotimes.com/FxWirePro-Kiwi-remains-strongly-bid-NZD-USD-hits-fresh-highs-for-the-month-at-06995-196976) is progressing hold for targets.