NZD/USD Gearing Up For A Move Towards 0.7700?
Martin Janson | Aug 23, 2016 07:52AM ET
NZD/USD The rate is adding pressure to the 0.7350 level which now acts as an ascending triangle resistance. Today's strong advance comes after the head of RBNZ Graeme Wheeler dampened expectations for further rate cuts saying they don't see a need for rapid easing.
A daily close above this level would open up a way towards the 61.8% and 100% breakout targets at 0.7575 and 0.7525 - which is also a major resistance level from back in 2015.
Although there's a strong rising channel resistance in the way, I believe if we can see a close above 0.7350 it will head higher towards the targets mentioned.
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