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14 Apr 2015
NZD/USD trading key break out points
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7451 with a high of 0.7461 and low of 0.7444.
NZD/USD has been in a drift to the upside since testing the bulls commitments at 0.7420 vs the strong downtrend at 0.7530. The US session supported the up trend until the 0.7460's where supply took advantage of the territory and left the bird oscillating, better offered, between there and 0.7445. To start the Asian shift in New Zealand, the readings of the business sectors confidence gauge came in steady, where growth moderated to a more sustainable level, as recorded by the Quarterly Survey of Business Opinion, after the NZIER Survey (Q1) came at 23 vs previously revised 24, adding some early pips to the bid for the session.
Technically, David Coloretti, Richard Franulovich, and Rob Rennie at Westpac Banking Corporation pointed out in a recent report that the dip at the start of the month held above the 61.8% retrace at 0.7385, maintaining March’s bullish higher low / higher high sequence as the dominant structure. "Close above 0.7630 will increase the bullish short term bias." We have seen an attempt towards that level but supply capped the bulls efforts and leaves the bird in to /neutral negative territory. until a break of the aforementioned key support and restance levels are established.
NZD/USD has been in a drift to the upside since testing the bulls commitments at 0.7420 vs the strong downtrend at 0.7530. The US session supported the up trend until the 0.7460's where supply took advantage of the territory and left the bird oscillating, better offered, between there and 0.7445. To start the Asian shift in New Zealand, the readings of the business sectors confidence gauge came in steady, where growth moderated to a more sustainable level, as recorded by the Quarterly Survey of Business Opinion, after the NZIER Survey (Q1) came at 23 vs previously revised 24, adding some early pips to the bid for the session.
Technically, David Coloretti, Richard Franulovich, and Rob Rennie at Westpac Banking Corporation pointed out in a recent report that the dip at the start of the month held above the 61.8% retrace at 0.7385, maintaining March’s bullish higher low / higher high sequence as the dominant structure. "Close above 0.7630 will increase the bullish short term bias." We have seen an attempt towards that level but supply capped the bulls efforts and leaves the bird in to /neutral negative territory. until a break of the aforementioned key support and restance levels are established.