NZDUSD: Bulls Target 0.6836

NZDUSD consolidates at recent high holding above the critical 200 day moving average, and today started the trading session 0.19 percent higher as more longs are convinced that new leg higher has started. The New Zealand Consumer Price Index (quarter over quarter) last week matched forecasts of 0.6% in second quarter 2019 the previous reading was 0.1%. The Consumer Price Index (year over year) also came in line with forecasts of 1.7% in second quarter 2019, from 1.5%.

On technical side the pair is trading at three month high while the daily high is at 0.6781. The pair trades above all daily moving averages giving the bulls the upper hand. Support for the pair stands at today’s low at 0.6756 and then at 0.6718 the 200 day moving average. On the upside immediate resistance stands at 0.6781 the daily high and if the pair manages to close above it might continue with an attempt to 0.6836 the high from April 1st.  Following the current bullish trend long position is the obvious trade idea with a take profit target at 0.6836 while stop loss order must be placed at 0.6718.Don’t miss a beat! Follow us on Twitter.

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