NZD/USD: New Zealand Dollar Targets Fresh Highs
Titan FX | Aug 22, 2016 10:00PM ET
Key Highlights
· The New Zealand dollar remains in an uptrend against the US dollar, and looks set for more gains.
· There is a monster bullish trend line on the 4-hours chart of the NZD/USD pair, providing support to the buyers.
· Today during the Asian session, the MNI China Business Sentiment Indicator was released.
· It registered a decline from the last reading of 55.5 to 54.3 in August 2016.
NZD/USD Pair Technical Analysis
The New Zealand dollar continued to remain in the bullish zone versus the US Dollar, and it looks like the NZD/USD pair be positioning for a new weekly high above 0.7340.
The pair is supported on the downside. First, there is a monster bullish trend line on the 4-hours chart. Second, the 100 and 200 simple moving averages are also below the same trend line. So, we can say that there is a major support on the downside at 0.7260-20.
As long as the pair is above the stated support area, there are chances of further gains in the near term. The pair may even head towards the 1.236 extension of the last wave from the 0.7342 high to 0.7164 low.
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