NZD trying to stay upward versus USD in Forex market
5/16/2017 12:53:06 PM
During Forex market activities, the NZD/USD pair expanded last week's recovery move and traded with positive bias for the 4rd successive session, although has recoiled around 18-pips to currently trade around 0.6883 area.
Bulls, though, appeared missing belief, with the pair trying to stand its strength beyond the 0.6905 handle.
A follow through retracement below 0.6867 horizontal support has the possible to pull the pair back towards 0.6843 support area, below which a fresh leg of decline is probable to drag the pair towards the 0.6800 handle ahead of its next major support near 0.6777 level.
On the other hand, constant move beyond the 0.6905 handle, leading to a succeeding break through 0.6917 persistence, should continue lifting the pair more towards 45-day SMA important hurdle near 0.6958 area.
FOREX market analysis by FxErvin.