NZDUSD Breaks Above the 50 Day MA

NZDUSD started on positive foot the week with five consecutive positive sessions and today the pair breached the 50 day moving average at 0.6589. The pair got a hand from FED dovish comments that send the USD lower across the board last week and continues and today. On the other side of the equation kiwi investors have also increased bets that the Reserve Bank of New Zealand will soon announce another rate cut as a fundamental weakness in the New Zealand economy persists.

NZD dollar today adds 0.30 percent to 0.6605. The short term momentum turned bullish as the price holds above the 50 day moving average. Immediate resistance for the pair stands at 0.6706 and the 100 day moving average while 0.6750 is the next hurdle. On the downside immediate support now stands at 0.6589 the 50 day moving average which now turn into support, and if broken might accelerate the slide further towards 0.6557 the 100 hour moving average.