NZD/USd outperforming in its own right, eyes on 0.7450
- NZD/USD: upside opening up with 21-D SMA now support.
- NZD/USD: eyes on 0.7450 target.
NZD/USD was better bid and got through 0.73 the figure in the last hours of the NY session. Currently, NZD/USD is trading at 0.7309, up 0.73% on the day, having posted a daily high at 0.7313 and low at 0.7254.
AUD/USD: will the 10-D SMA give and allow room to 0.7780?
The bird opened near 0.7280 after losing the northerly trajectory on Trade War angst where a low of 0.7272 was scored before buyers emerged again. China came back giving the US a taste of its own medicine with announcements of $50B of tariffs on US imports, sending the S&P down 1.5% before a turn in risk sentiment when
the US indicated she was open to negotiation, echoing Trump's statement, "We are not in a trade war with China'.
NZD finding a bid on its own right
Moreover, the bird has actually found benefit in its own right. Milk prices, improving confidence, and a larger budget surplus yesterday have all supported the upside. "NZD continues to defy gravity with some topside resistance breached overnight - That said, we continue to prefer to sell topside for a correction lower," analysts at ANZ explained.
NZD/USD levels
The break of the descending daily resistance line is a positive for bulls and the subsequent rally through the 50-D SMA came with the spike in RSI and momentum behind the move.
That break and hold above the 21-day MA at 0.7256 now makes this level as a support.The next target above the 0.7300 double top area opens 0.7450. A deeper support comes in at the March 21 trend low at 0.7156.