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NZD/USD Today Technical Report 28/04/2016

NZD/USD soared after the Reserve Bank of New Zealand kept the key policy rate unchanged. The move was halted near the prior support line taken from the lows of the 28th of March and the 0.6950 (R1) resistance line. A break of that crossroad area is needed to carry larger bullish extensions and push the rate towards the psychological zone of 0.7000 (R2). Our short-term momentums support this notion. The RSI moved above its 50 line and is pointing up, while the MACD, although in its negative territory crossed above its trigger line and could emerge above zero anytime soon. Zooming out to the daily chart, I see that the rate has being printing higher peaks and higher troughs since the end of January. Also, the pair has broken above the upper bound of the sideways range it had been trading from the beginnings of October. These keep the medium-term outlook cautiously positive, in my view.

28 NZD

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