Hi there traders, this is Steve Miley on behalf of forextraders.com and here we’re going to take a look at the New Zealand dollar versus the US dollar spot effects rate.
Still maintaining an underlying positive theme; still aiming to the upside.
We had this strong recovery from the early part of September reversing this down trend-line that came from the early to mid part of August. But not only that, taking out that resistance, but also this key barrier here in the 6419/20 area and more recently now approaching the 6471 level, getting up to 6445 over the last week.
Then so far this week, we’ve had a fairly resilient sideways consolidation. Critically the market is holding above even this very minor support of 6401.
And despite a sideways reversal of this trend line, the market hasn’t shown any appetite to push lower.
And rebounding again in here this morning all the risks on the short term are on the day trade for Wednesday is up through and through 6445 towards 6471. But critical this week is going to be 6499 and if it can clear above there it will shift the intermediate term outlook – which is currently kind of in more of a neutral range – to a more bullish theme.
This has been Steve Miley for forextraders.com and I’m going to wish you a great trading day.