9 May 2016
NZD/USD Bulls fight back control, back above 50-DMA
NZD/USD filled in the opening bearish gap and now continues to recover ground as we progress towards early European trades.
NZD/USD finds support near 0.6830
Currently, the NZD/USD pair trades +0.06% higher at 0.6844, struggling to extend gains above 0.6650. The Kiwi wavered between gains and losses in the Asian session thus far, with the bulls offered support from a jump in the oil prices, while mixed performance seen on the Asian equities capped the upside momentum.
Moreover, markets remain on the side-lines and refrain from creating fresh positions ahead of the crucial Chinese inflation report due tomorrow. While better than expected China trade data also failed to lift the moods around the bird.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6895/0.6900 (May 6 High/ round umber), above which it could extend gains to 0.6941/51 (Apr 22 high/ daily R1). To the downside immediate support might be located at 0.6800 (round number) and from there to 0.6729 (100-DMA).
NZD/USD finds support near 0.6830
Currently, the NZD/USD pair trades +0.06% higher at 0.6844, struggling to extend gains above 0.6650. The Kiwi wavered between gains and losses in the Asian session thus far, with the bulls offered support from a jump in the oil prices, while mixed performance seen on the Asian equities capped the upside momentum.
Moreover, markets remain on the side-lines and refrain from creating fresh positions ahead of the crucial Chinese inflation report due tomorrow. While better than expected China trade data also failed to lift the moods around the bird.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6895/0.6900 (May 6 High/ round umber), above which it could extend gains to 0.6941/51 (Apr 22 high/ daily R1). To the downside immediate support might be located at 0.6800 (round number) and from there to 0.6729 (100-DMA).