FxWirePro: NZD/USD Edges Lower from Session Highs at 0.7191, Bias Higher
- Kiwi tracked the Aussie lower on Monday's open, NZD/USD saw a slight bearish gap down open of around 12 pips.
- The pair then resumed upside, to hit session highs of 0.7191, intarday bias remains higher.
- 5-DMA at 0.7126 is immediate support on the downside ahead of 0.7120 (July 1st lows) and then 0.7085 (20-DMA).
- On the upside immediate resistance is seen at 0.72 ahead of 0.7223 and then 0.7255 (June 23rd highs).
- New Zealand’s treasury in its latest monthly report on the economic indicators on Monday, said that the impact of Brexit on the NZ economy is uncertain, but is not considered likely to be significant, at least in the short term.
- With US markets closed today on account of 'US independence day' holiday, sentiment across markets to drive movement in the major.
- Focus also on the NZIER Business Confidence data due tomorrow along with GDT price auction on Tuesday.
- Our previous call (http://www.econotimes.com/FxWIrePro-NZD-USD-intraday-bias-higher-good-to-go-long-on-dips-230365) has almost hit TP1&2 at 0.7197.
- We recommend booking partial profits, raise trailing stop to 0.7127, hold for upside.