NZDUSD Continues Higher Amid USD Weakness
NZDUSD trading 0.32% higher at 0.6380 as it continues higher for four consecutive trading session rebounding above 0.63 mark after hitting yesterday fresh 4-year at 0.6268. The main GDT index fell 0.4 per cent yesterday, the seventh fall in the past eight readings, but the market was expecting a bigger fall.
NZDUSD gains momentum as it trades above all the major hourly moving averages. On the upside, immediate resistance stands 0.6384 today’s high, and then at 0,6540 the 50 day moving average. On the downside immediate support stands at 0.6353 daily low; the pair facing two important support levels from 2015; first support stands at 0.6259 the low from August 2015 and then at 0.6235 the lows from September 2015; NZDUSD medium term outlook is bearish despite the recent rebound and a visit down to 2015 lows looks possible.