4:35 PM
azipua
The Kiwi continues to trade at levels never flirted before against the US Dollar. Despite the prospects of a higher USD as QE2 ended, so far has been a waste of time to fight the upside potential on this pair.
The latest bullish spike, just an hour ago, sent the price from 0.8295, middle point of Monday's trade range, to 0.8327, a 10+ pips break from the former high at 0.8317. Price is now in the process of getting a new impulse north by retesting the old resistance, now new support.
As Sean Lee, Editor at Forexlive comments: “We are looking at blue skies in the NZD/USD and reliant on technical projections to find some resistance levels; trend channel resistance around .8400 is the next level to watch.”
Business confidence in New Zealand continues to reflect modest growth, after a promising rise in the latest NZIER quarterly survey of business opinion. The reading improved from -27 in the first quarter to 27 in Q2.
The latest bullish spike, just an hour ago, sent the price from 0.8295, middle point of Monday's trade range, to 0.8327, a 10+ pips break from the former high at 0.8317. Price is now in the process of getting a new impulse north by retesting the old resistance, now new support.
As Sean Lee, Editor at Forexlive comments: “We are looking at blue skies in the NZD/USD and reliant on technical projections to find some resistance levels; trend channel resistance around .8400 is the next level to watch.”
Business confidence in New Zealand continues to reflect modest growth, after a promising rise in the latest NZIER quarterly survey of business opinion. The reading improved from -27 in the first quarter to 27 in Q2.
Posted in: News Forex
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