NZD US becoming stable on high in Forex market
3/13/2017 12:04:25 PM
NZD/USD is become stable below the 0.6925 and the 25 SMA on the hourly chart at the same level.
NZD/USD has been in drop since losing the 0.7207 handle at the end February's business. The Fed’s narrowing cycle plus US fiscal growth should preserve upside pressure on US interest rates and the USD, pushing NZD/USD down to 0.6910 or lower.
NZD/USD made a correction after the US jobs data at the end of last week and united from just below the 0.6910 handle to 0.6952 marking the first persistence on an extension of the correction. A break there opens the door to high at 0.7044 and to low 0.7103. There is a double bottom of potential persistence at 0.7133 on the chart and Fed business while 0.7247 marks a stronger area of persistence there after late Jan/early Feb support and double top persistence. A break to the downside aims 0.6865 as a hard support area.
FOREX market analysis by FxErvin.