NZDUSD: Bullish Momentum Intact
The NZDUSD managed yesterday to close above the critical 200 day moving average, and today started the trading session higher as more longs are convinced that a new leg higher has started. The New Zealand Consumer Price Index (quarter over quarter) in the start of the week matched forecasts of 0.6% in second quarter 2019 the previous reading was 0.1%. The Consumer Price Index (year over year) also came in line with forecasts of 1.7% in second quarter 2019, from 1.5%.
On technical side the pair is trading at three month high while the daily high is at 0.6746. The pair managed to breach the 200 day moving average yesterday giving the bulls the upper hand. Support for the pair stands at today’s low at 0.6724 and then at 0.6675 the 100 day moving average. On the upside immediate resistance stands at 0.6746 the daily high and if the pair manages to close above it might continue with an attempt to 0.6836 the high from April 1st. Following the current bullish trend is the obvious trade idea with a take profit target at 0.6750 while I will close any longs if the pair breaks below the 200 day moving average at 0.6715.Don’t miss a beat! Follow us on Twitter.
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