NZD/USD slips below but hovers close to the 0.73 handle, the pair sees minor correction after rallying to multi-month highs last week.
US dollar broadly muted in the Asian session as dust settles over unexpectedly upbeat NFP data on Friday.
The Kiwi’s attempts to recover from daily lows at 0.7279, but fails once again below 0.73 barrier, some consolidation at current levels likely before the next leg higher.
Techs on weekly and monthly charts are highly bullish. We see scope for gains upto 0.7740 (Apr 13 2015 high).
Next immediate target above 0.73 lies at 0.7395 (May 22nd high).
Weakness only below 5-DMA at 0.7220, break below could see test of 0.7125 (trendline).
Watchout for breakout above 0.73 to go long, target 0.7395/ 0.74/ 0.7445/ 0.75
US dollar broadly muted in the Asian session as dust settles over unexpectedly upbeat NFP data on Friday.
The Kiwi’s attempts to recover from daily lows at 0.7279, but fails once again below 0.73 barrier, some consolidation at current levels likely before the next leg higher.
Techs on weekly and monthly charts are highly bullish. We see scope for gains upto 0.7740 (Apr 13 2015 high).
Next immediate target above 0.73 lies at 0.7395 (May 22nd high).
Weakness only below 5-DMA at 0.7220, break below could see test of 0.7125 (trendline).
Watchout for breakout above 0.73 to go long, target 0.7395/ 0.74/ 0.7445/ 0.75
