NZD/USD Nearing Topside of Range 0.7285
November 4, 2009 - 5:42 am by Forex District · Leave a Comment
NZD/USD rose on renewed risk appetite as merger and acquisition news prompted demand for higher yielding assets.
The pair ranges between 0.7300 and 0.7100, channel established in the end of September through the first days in October. Bias is mixed inside the channel ahead of key reports which include key policy meetings and labor reports.
Above the current 0.7258 level, the pair finds initial resistance at 0.7285, followed by 0.7235 and 0.7369.
Below current levels, 0.7258, NZD/USD will encounter initial support at 0.7178, followed by 0.7100 and 0.7032.
TREND
Near Term: Neutral
Medium Term: Neutral
Long Term: Bullish
Trading levels in play:
Mixed bias. There are no solid trade recommendations at the moment for intraday moves.
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