NZDUSD – Buyers to Emerge?
17th August 2017
Our Trend Table outlook for NZDUSD has been bullish since both the spot and the RSI saw ‘golden’ crosses through their moving averages in May.
NZDUSD prices rose by almost 5 big figures after that bullish change in investor sentiment with July’s high being the most positive levels traded for 26 months.
Since that point, NZDUSD has attracted profit taking with the last 2 weeks posting strong declines and that fall deepened in the early part of this week. The market corrected almost half of the rise from May’s low but, is now seeing a return of, limited, buying interest.
Importantly that has come above July’s significantly higher low and the spot and RSI moving averages. They are the levels to continue watching to ensure the bullish bias remains intact, while a renewal of positive impetus will be provided by a move above .7420, the 2 week high point. That would then expose sentiment to a crucial .7559/7608 area.
