The New Zealand dollar recovered after making a low of 0.73970. NZD rose after release of weaker than expected US economic data may push out plans to raise interest rates this year.
The further movement of NZD depends on the RBNZ policy meeting which is to be held on Thrusday (Jan 29th).
Technically in weekly chart NZD/USD has formed bullish divergence in MACD and rebound till 0.7550 (23.6% retracement of 0.80335 to 0.73971).
On the downside minor support is around 0.73970 and any break below will take the pair to 0.7346/0.7300.
Recommendation: Buy NZD/USD around 0.7460, SL 0.7405,Target 0.7545.
The further movement of NZD depends on the RBNZ policy meeting which is to be held on Thrusday (Jan 29th).
Technically in weekly chart NZD/USD has formed bullish divergence in MACD and rebound till 0.7550 (23.6% retracement of 0.80335 to 0.73971).
On the downside minor support is around 0.73970 and any break below will take the pair to 0.7346/0.7300.
Recommendation: Buy NZD/USD around 0.7460, SL 0.7405,Target 0.7545.