NZD/USD Limit Buy at 0.7284*

*Update: Order entered and met first target for +20. View update Here.

The pair rose in Asia and Europe as stocks and risk appetite strengthen overnight. Commodity currencies have regained strong support on speculation the global economic recovery remains intact, while comments from the FED minutes refrain from expressing concern over the Dollar’s weakness.

NZD/USD, extended gains above the 0.7300 level, following the FOMC meeting minutes, to reach an intraday high at 0.7331 for now.

Outlook has now turned bullish as risk appetite looks to remain supported, however, data in the U.S. session may impact near term moves. Preferred strategy looks to buy on dips.

As the Kiwi nears the 0.7350 level, the pair will find initial resistance at 0.7364, followed by  0.7410 and 0.7450.

Below current levels (0.7330), the pair finds initial support at 0.7310, followed by 0.7264 (pivot point) and 0.7200.

Ahead, currency traders will closely monitor U.S. equity markets for further guidance.

TREND

Near Term: Bullish
Medium Term: Neutral
Long Term: Bullish

Trading levels in play:

Limit Buy @ 0.7284 Targets: T1 0.7304 – T2 0.7410 Risk: 0.7230
* After 15 pips profit move stop to entry, take profit at will. Trade is canceled if it rebounds near entry and moves higher by 20 pips. Comments will follow if outlook changes.

DISCLAMER: The above post is for information only. Before making your investment decisions please acknowledge that the information provided herein should not be taken without your own individual assessment and extensive investigation, it should not be preempted as your own trading strategies, investment advice and/or trading portfolio.
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