- NZD/USD is attempting a minor-recovery from post-RBNZ lows, is currently trading at 0.6442.
- The pair hit lows of 0.6416, after RBNZ hinted an easing bias in wake of the global uncertainties.
- NZD/USD closed Wednesday’s trade above the 0.6420 support, which is a positive for near-term uptrend.
- Long-term bias is definitely lower, but some upside could be seen if pair holds above 0.6420 support for the week.
- Upbeat NZ trade deficit data for Dec which came in at $53 million, from a revised $799 million in November and stronger than the forecast deficit of $131 million supported recovery.
- On the upside, immediate resistance is located at 0.6456 (10-DMA), above which it could extend gains to 0.6480 (Jan 18 highs).
- To the downside immediate support might be seen at 0.6425 (Jan 26 Low) and further below at 0.6420 (Trendline support).
The material has been provided by InstaForex Company – www.instaforex.com