- NZD/USD hit 3-month high of 0.6883 as NZD bulls cheered strong economic data out of New Zealand.
- NZ building consents data released earlier today showed a 10.8% increase in Feb, sharply up from the 7.8% drop seen in Jan.
- The oil price recovery along with a broadly weaker USD on dovish Yellen, also helped the bird.
- NZD/USD finds strong trendline resistance at 0.6880 levels, break above needed for further gains.
- Technicals suggest further upside for the pair, Stochs are biased higher and strength seen in RSI.
- Immediate support and resistance are seen at 0.68 and 0.6880 levels respectively.
- Next of relevance for the pair is US ADP employment report (a precursor to NFP) followed by EIA crude inventories due later today.
- NZ Business confidence numbers due tomorrow will be also closely watched for fresh momentum on the pair.
Recommendation: Go long on close above 0.6880, SL: 0.68, TP: 0.6930/0.70
The material has been provided by InstaForex Company – www.instaforex.com