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