Overall Trend- Bullish
NZD/USD has recovered after making a low of 0.76890 in previous week. Overall trend is bullish as long as 0.7680 holds.
In this week NZD/USD movement depends on the major indicators such as New Zealand Institute of Economic research which releases its quarterly survey of business opinion on Tuesday and Dec Quarter CPI data which will be released on Wednesday. Chinese data including fourth quarter GDP and Dec industrial production, retail sales and fixed asset investment totals also to be watched, with China a major export destination for New Zealand.
The NZD/USD is facing major resistance around 0.7890 (previous week high) and any break above will take the pair to 0.79739 and 0.8035 in short term.
On the downside NZD/USD major support is around 0.7680 and any break below the level will target 0.7650/0.7600.
Recommendation: Buy NZD/USD around 0.7760, SL 0.7680, Target 0.7890/0.7970.
NZD/USD has recovered after making a low of 0.76890 in previous week. Overall trend is bullish as long as 0.7680 holds.
In this week NZD/USD movement depends on the major indicators such as New Zealand Institute of Economic research which releases its quarterly survey of business opinion on Tuesday and Dec Quarter CPI data which will be released on Wednesday. Chinese data including fourth quarter GDP and Dec industrial production, retail sales and fixed asset investment totals also to be watched, with China a major export destination for New Zealand.
The NZD/USD is facing major resistance around 0.7890 (previous week high) and any break above will take the pair to 0.79739 and 0.8035 in short term.
On the downside NZD/USD major support is around 0.7680 and any break below the level will target 0.7650/0.7600.
Recommendation: Buy NZD/USD around 0.7760, SL 0.7680, Target 0.7890/0.7970.