Stalking the NZD/USD

The slightly better than expected Chinese GDP is helping to keep the commodity currencies supported for the time being. Of the lot, the A/U, A/J, Kiwi etc, I’m stalking the Kiwi given there isn’t any NZD-sensitive data until later tomorrow with the GDT Price Index. There is US Building Permit data to consider here, however, but this is an issue with most pairs though. The NZD/USD targets identified below are in line with those posted in my w/e analysis.

Kiwi 4hr: I’m watching for any Flag breakout and hold above the 0.68 level to take a LONG trade:

Kiwi4

Kiwi daily: the first target for any continuation move would be the whole number 0.70 level which is up near the 50% fib of the recent swing low move and also near the daily 200 EMA:

KiwiDaily

Kiwi weekly: If price continues at all past 0.70 then I’d be looking out to the weekly chart for targets further up. Apart from the obvious whole number levels I’d be keeping an eye on the 0.75-0.78 region. The 50% fib of the larger, weekly swing low move is near 0.75, the weekly 200 EMA is near the whole number 0.76 level and the 61.8% fib is near the 0.78 level:

KiwiWeekly

Summary: watch for any 4hr chart based Flag breakout and hold above the 0.68 level to support bullish continuation on the NZD/USD. Bullish targets include the whole number levels but, especially, the following major levels:

  • 0.70.
  • 0.75.
  • 0.76.
  • 0.78.

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