NZD/USD: bullish on Trump and Milk prices

Ross J Burland FXStreet

NZD/USD is trading at 0.7209, up 0.39% on the day, having posted a daily high at 0.7224 and low at 0.7181.

Wall Street 'gets Trumped'

Market wrap: risk aversion permeated - Westpac

NZD/USD has been supported on the surprisingly large jump in dairy prices overnight along with the Trump factor weakening Wall Street and the US dollar, offering some bullishness in the bird. "We target 0.7200, although there’s plenty of event risk from NZ and the US to navigate today," offered analysts at Westpac who have targets at 0.6950 or lower as long as the RBNZ cuts to 1.75% in November and the Fed tightens to 0.625% in December, "...as we expect."

NZD still rated very highly - Westpac

NZD/USD levels

With spot trading at 0.7212, we can see next resistance ahead at 0.7224 (Daily High), 0.7231 (Weekly Classic R2), 0.7274 (Monthly High), 0.7275 (Weekly Classic R3) and 0.7450 (YTD High). Support below can be found at 0.7197 (Weekly Classic R1), 0.7197 (Daily Classic R3), 0.7195 (Daily 100 SMA), 0.7193 (Yesterday's High) and 0.7184 (Daily Open).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7148

33% Bullish
67% Bearish
0% Sideways

Bias Bearish

1 Month

Avg Forecast 0.7094

50% Bullish
30% Bearish
20% Sideways

Bias Bullish

1 Quarter

Avg Forecast 0.7032

14% Bullish
50% Bearish
36% Sideways

Bias Bearish

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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