- NZD/USD hit session highs of 0.6813, but has pared gains to currently trade at 0.6786 levels.
- US economic data overnight failed to support expectations for a June Fed interest rate hike, weighing on the dollar.
- Data released earlier today showed that New Zealand overseas trade index stood at +4.4% versus +0.9% expected.
- But, NZD bulls seem to shrugged-off upbeat overseas trade index. Markets now await the ISM manufacturing PMI report from the US docket and Fonterra’s dairy auction results due later in the NA session for direction.
- Technicals in the pair suggest further upside, RSI and Stochs are biased higher and MACD line is showing a bullish crossover on signal line.
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-finds-stiff-resistance-at-06738-good-to-buy-breakout-above-214975) has hit all targets.
Recommendation: Book partial profits, raise stops to 0.6740, TP: 0.6845
Fresh longs can be entered at dips around 0.6770/80, SL: 0.6730, TP: 0.68/0.6845
The material has been provided by InstaForex Company – www.instaforex.com