NZDUSD
Asian stocks started the week on positive foot as the coronavirus death rate drop in Europe for the third consecutive day. Japan’s government is considering six months for a state of emergency declaration. Investors ignore the weak fundamental data and focus on the coronavirus death rate and the lockdown period in economies across the globe. Economic data from Europe, USA, and Asia continues to disappoint as U.S. jobless claims hit an all-time high.
Nikkei 225 ended 4.24% higher at 18576; the Singapore Straits Times is 2.78% higher at 2455. The Hang Seng Index is 2.08% higher at 23732. ASX 200 added 4.30% higher at 5286.
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NZDUSD adds 0.71% at 0.5899 after the Reserve Bank of New Zealand’s said that is not preparing banks for negative OCR at the moment. The New Zealand ANZ Commodity Price registered in at -2.1%, topping the forecasts of -2.5% in March.
On the technical side, the bears are in control as the pairs rebound from multi-year lows stalled at 0.6060. On the upside, first resistance stands at 0.5905 the daily high. A break above would meet the next resistance at 0.5973 the high from April 2. The next target for bulls stands at 0.6060 top from March 30.
On the contrary, immediate support stands at 0.5850 the daily low. If the pressure continues, the next support will be met at 0.5780 the low from March 26. More bids would emerge at 0.5587 the low from March 23.