| NZD/USD: 0.7984 |
The Kiwi has performed very well today, despite the general risk off move and currently sits at 0.7970, close to session highs of 0.7996.Sitting on the sidelines seems to be the best laid plan for the time being, although the momentum indicators are now suggesting that we could see some more gains ahead, which would give 0.8000 a good workout, a break of which would take out the strong down trend resistance, triggering plenty of stops in the process and could head on towards 0.8050 and possibly to 0.8100.
The downside will find buyers at 0.7930 and then at 0.7900. Below there looks unlikely today, but further bids will arrive at 0.7840/60 (200/100 HMA’s).
Economic data highlights will include:
NZ Business PMI.
Meta Trader – AxiTrader NZD/USD: 4 Hour
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