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NZDUSD: Bull tone, despite another setback

Hi there traders, this is Steve Miley for forextraders.com and here we’re going to take a look at the New Zealand dollar against the US dollar – NZDUSD which retains an underlying positive tone in here. Yes over the last 24 hours we have had this setback this week.

We’ve seen a little bit of a broader US dollar corrective strength across the effects board in here, but what we’ve seen in here over night is a slight rebound of the NZD from above this 0.6388 level rebounding against the US dollar from above 0.6388 and above this trend line support maintaining this whole rally that we’ve seen since the beginning of October and sustaining upside pressures – remember just last week we’d pushed above this important 0.6436 and 0.6451 resistance points.

So that’s all leaving positive pressures very much intact into today and we’re looking for a further rebound going into today, looking for upside – looking for the market to push back up towards that 0.6465/66 peak up in here with interim resistance between 0.6437. So 0.6437 then 0.6465/66 here on the upside are our potential targets for today.

Only down through 0.6388 would see the short term tone shift more negative, potentially then for a correction to 0.6367.

So an upside bias for the NZD as we go into today.

I’m going to wish you all a great trading day and don’t forget to follow us on our YouTube channel.

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