NZD/USD Technical Analysis: November 3, 2016
Followed by the positive release of the NZ’s labor market statistics is the strengthening of kiwi. Likewise, the most recent report regarding inflation expectation had bolstered the country per se. At present, the pair had sustained a strong trend as of yesterday.
Buyers were able to break the price beyond the marks 0.7250-0.7300. As shown in the 4-hour chart, the price remained intact on top of the moving averages. The 50 and 100 EMAs shifted to an upward direction while the 200-EMA continued to track towards the lower position. Resistance is seen at 0.7300, support is situated at 0.7250. MACD is inclined within the positive area. RSI is moving up and finally entered the overbought territory.
NZDUSD pair were apt to obtain the 0.7350 level upon breaking the 0.7300 region so as to maintain its bullish tone. Preferably, when the pair arrived in the 0.7250 area, the support level 0.7200 will rise again.
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