NZDUSD Continues Higher For Fifth consecutive trading session
NZDUSD trading 0.30% higher at 0.6392 as it continues higher for fifth consecutive trading session after hitting fresh 4-year at 0.6268 the previous week. Fonterra, the New Zealand dairy giant announced that it expects FY 2019 loss and changed the annual results reporting date. The main GDT index fell 0.4 per cent earlier this week, the seventh fall in the past eight readings.
NZDUSD positive momentum continues as it trades above all the major hourly moving averages. On the upside, immediate resistance stands 0.6394 today’s high, and then at 0,6534 the 50 day moving average. On the downside immediate support stands at 0.6362 daily low and then at 0.6368 the 100 hour moving average; 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.