FxWirePro: NZD/USD Intraday Bias Higher, Good to Go Long on Dips

FxWirePro: NZD/USD Intraday Bias Higher, Good to Go Long on Dips

1 July 2016, 06:29
Roberto Jacobs
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FxWirePro: NZD/USD Intraday Bias Higher, Good to Go Long on Dips

  • According to an ANZ survey yesterday, New Zealand business confidence soared to a six-month high in June. 
  • The ANZ composite growth indicator that combines consumer as well as business confidence is giving a solid mandate for growth.  
  • That said, the RBNZ released its annual statement of intent on Wednesday in which it reiterated that further easing could still be required. 
  • New Zealand Finance Minister English said Brexit may increase the attractiveness of NZ dollar and if things worsen significantly, the RBNZ has room for a rate cut. 
  • Technically, NZD/USD is trading with a bullish bias, momentum is with the bulls. RSI and Stochs point north. 
  • The pair has bounced off 20-DMA on Thursday's trade and currently finds good support by 10-DMA at 0.7119. 
  • Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-finds-strong-support-at-07070-break-below-could-accentuate-downside-229635) has achieved TP1&2.

Recommendation: Good to go long on dips around 0.7145/50, SL: 0.71, TP: 0.7190/ 0.72/ 0.7220 

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