The New Zealand Dollar is trading higher on Monday, recovering about half of its losses since last Thursday. The currency is being supported by a weaker U.S. Dollar and increasing demand for higher risk global equities. Stronger than expected economic data out of China and Japan is the catalyst behind the move.
At 08:43 GMT, the NZD/USD is trading .6884, up 0.0036 or +0.53%.
What's next?
The direction of the NZD/USD will be determined by trader reaction to the pivot at .6863. The early price action indicates a bullish tone, making this level support.
For bullish scenario, a sustained move over .6863 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to possibly extend into the minor top at .6915, followed by the March 21, 2019 main top at .6939.
As for bearish scenario, A sustained move under .6863 will signal the presence of sellers. This could trigger a retest of .6811. If this level fails then look for the selling to possibly extend into a minor pivot at .6752.
Original analysis: https://www.fxempire.com/forec...
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