3 May 2016
NZD/USD extends bullish run, tests 2016 highs
The NZD/USD pair remains strongly bid in the Asian session this Tuesday, extending its winning streak for the fourth straight session amid rebounding oil and stock markets.
NZD/USD reverses last week’s slide
Currently, the NZD/USD pair trades 0.37% higher at 0.7047, easing from near fresh ten-month highs reached at 0.7056 last month. The Kiwi accelerates to the upside as markets take the yield advantage on the back of improved risk appetite amid higher Asian indices as well as oil prices.
Moreover, optimistic New Zealand’s monthly economic report also adds to the bullish sentiment around the NZD, while the Chinese Caixin PMI report had little impact on the bird. China is the Kiwi nation’s top trading partner.
Attention now remains on the RBA’s monetary policy announcement due out shortly, which is expected to have significant impact on the Aussie’s O neighbour, the NZD.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7054/56 (daily high/ 2016 high), above which it could extend gains to 0.7100 (June 2015 levels). To the downside immediate support might be located at 0.7000/05 (psychological levels/ 5-DMA) and from there to 0.6956/26 (1h 100 & 200-SMA).
NZD/USD reverses last week’s slide
Currently, the NZD/USD pair trades 0.37% higher at 0.7047, easing from near fresh ten-month highs reached at 0.7056 last month. The Kiwi accelerates to the upside as markets take the yield advantage on the back of improved risk appetite amid higher Asian indices as well as oil prices.
Moreover, optimistic New Zealand’s monthly economic report also adds to the bullish sentiment around the NZD, while the Chinese Caixin PMI report had little impact on the bird. China is the Kiwi nation’s top trading partner.
Attention now remains on the RBA’s monetary policy announcement due out shortly, which is expected to have significant impact on the Aussie’s O neighbour, the NZD.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7054/56 (daily high/ 2016 high), above which it could extend gains to 0.7100 (June 2015 levels). To the downside immediate support might be located at 0.7000/05 (psychological levels/ 5-DMA) and from there to 0.6956/26 (1h 100 & 200-SMA).