NZD USD withdrawals from high
2/7/2017 11:06:32 AM
The NZD versus USD pair removed some of its sturdy gains to 2 month highs, although has held in positive territory for the fourth successive session.
Currently trading around 0.7344 area, a sharp progress in March quarter inflation expectations released by RBNZ on Tuesday helped the pair to develop recent up-move and raised it to its highest level since Nov. 9.
The pair, nevertheless, held up its up-move near 0.7377 level among expanded dollar recovery move, with the key USD Index reversing mixed US jobs data-led slide and now holding steady above 100.00.
A deduction over retracement is probable to find support near 0.7327 level below which the pair is probable to halt below 0.7305 handle and head towards 0.7277 horizontal support. On the upside, constant momentum above 0.7363 area now appears to boost the pair towards 0.7415 handle, which if cleared might continue to improve the pair more towards Sept. 2016 daily closing highs persistence near 0.7455 area.
FOREX market analysis by FxErvin.