NZD/USD breaks major resistance at 0.6760, good to long dips
NZD/USD breaks major resistance at 0.6760 on Tuesday after US economic data overnight failed to support expectations for a June Fed hike, weighing on the dollar.
The pair hit session highs of 0.6813, but has pared gains to currently trade at 0.6786 levels.
Data released earlier today showed that New Zealand overseas trade index stood at +4.4% versus +0.9% expected.But, NZD bulls seem to shrugged-off upbeat overseas trade index.
Markets now await the ISM manufacturing PMI report from the US docket and Fonterra’s dairy auction results due later in the NA session for direction.
Technicals in the pair suggest further upside, RSI and Stochs are biased higher and MACD line is showing a bullish crossover on signal line.
Good to go long on dips around 0.6770/80, SL: 0.6730, TP: 0.68/0.6845
The pair hit session highs of 0.6813, but has pared gains to currently trade at 0.6786 levels.
Data released earlier today showed that New Zealand overseas trade index stood at +4.4% versus +0.9% expected.But, NZD bulls seem to shrugged-off upbeat overseas trade index.
Markets now await the ISM manufacturing PMI report from the US docket and Fonterra’s dairy auction results due later in the NA session for direction.
Technicals in the pair suggest further upside, RSI and Stochs are biased higher and MACD line is showing a bullish crossover on signal line.
Good to go long on dips around 0.6770/80, SL: 0.6730, TP: 0.68/0.6845
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