NZD/USD Bulls Committed, Targeting 0.7025
NZD/USD
is currently bid on the daily sticks and combating the downside from
the 2016 highs on the 0.70 handle scored earlier in the week at 0.7053
on the back of the RBNZ staying put.
NZD/USD: too high, expecting one more cut - UOB
U.S. GDP Q1 reviewed: slowdown in momentum - Nomura
NZD/USD
has been advancing in a commodity currency friendly environment
overnight on the back of U.S. dollar weakness and poor U.S. GDP, but
offers at 0.6980 resistance capped the momentum and the price drifted
back to the supporting 20 sma on the 1hr sticks at 0.6959 where the
price has stabilized with a low of 0.6956.
For the session
ahead, we are light on liquidity with Japan out, but we look ahead to
ANZ business confidence on the turn of the hour. Earlier, NZ building
permits for March arrived at -9.8% m/m vs prior 10.8% but there was
little reaction.
NZD/USD levels
While
holding above the 50 sma on the 4hr sticks at 0.6925 the bird is better
bid above there. The 21st April highs were crossed yesterday and the
price remains determined without lower lows so fa, despite the
resistance seen earlier. The upside target in the near-term comes as
the 20th of April highs at 0.7025. A correction of the move could put
the bullish channel's support into jeopardy with momentum and a reversal
targeting the 50 dma at 0.6783 is key support.
