NZD USD boosting over the FOREX market
1/5/2017 9:01:41 AM
The NZD/USD pair's recovery momentum extended fresh traction in forex market activities, raising the major over 0.7005 barrier to a 2-1/2 week high.
Currently trading around 0.7017 area, Thursday's positive Chinese services PMI helped the pair to work up to overnight strong gains.
The continuing momentum appears strong enough to boost the pair towards 0.7045 immediate persistence above which the momentum is likely to get expanded towards an important moving-averages confluence persistence near 0.7078 area. On the downside, retracement back below 0.7005 psychological mark might now take support near 0.6977 level, which if broken is likely to speed up the slip towards 0.6927horizontal support.
FOREX Fundamental Analysis.
Written by FxErvin