NZD USD trying to improve rate in forex market
1/19/2017 4:52:02 PM
As saw during yesterday activities in the forex market the NZD/USD pair jumped higher and is now trying to move back above 80-day SMA.
At present trading around 0.7137 band, off session top level of 0.7153, a slight dollar retracement, following yesterday’s withdraw, supported the bid tone nearby the major.
On a continued move back above 100-day SMA persistence near 0.7147 area is likely to speed up the up-move towards 0.7187 horizontal persistence before the pair finally moves back above 0.7205 handle to retest 5-week high persistence near 0.7218 area.
On the other hand, 0.7123 area now appears to protect immediate downside, which if broken is likely to expand the corrective slide towards 180-day SMA support near 0.7085 area. A follow through selling pressure below 180-day SMA has the potential to carry on pushing the pair towards 50-day SMA support near 0.7057 area.
FOREX Fundamental Analysis
Written by FxErvin