NZD USD Extended its upward movement more than before
6/13/2017 8:10:43 PM
After yesterday's corrective dip in Forex market, the NZD/USD pair reclaimed purchase on Tuesday and expanded its upward movement further than the 0.7197 handle.
Now placed at the highest level, around 0.7227 region, it stays to be seen if the pair is capable to develop the up-move or runs through fresh supply at higher levels among firming expectations for an ultimate Fed rate-hike action on Wednesday.
Immediate persistence is fixed near 0.7243 area, above which the pair appears all set to aim towards surpassing the 0.7305 handle with some intermediate persistence near 0.7277 area.
On the other hand, retracement back below 0.7217 area now appears to strong buying interest near 0.7194 area, which if broken could pull the pair below 0.7168 level towards testing its next support near 0.7142 area.
FOREX market analysis by FxErvin.