NZD/USD Forecast June 9, 2017, Technical Analysis

The New Zealand dollar continues to grind to the upside, as the Thursday market was a mirror image of the Wednesday market. We are now above the 0.72 level, an area that could offer support. Beyond that, when I look at the moving averages that I follow, the 24-hour exponential moving average has offered support. It also sits just above the 0.72 level, and now I think that we will continue to see a “buy on the dips” mentality when it comes to the New Zealand dollar. Commodity markets of course have a massive effect on what happens next in this pair, and if they can continue to grind to the upside it’s very likely that the market will go much higher. Pullbacks will offer value as far as I can see.
3 moving averages
As you can see, I have 3 moving average is on the chart, the 24, 48, and 72-hour exponential moving averages. They are spread out comfortably, and of course have been reasonably reliable over the last several sessions. This is essentially a “perfect uptrend”, and until we break down below the blue 72-hour exponential moving average, I would expect that the market should continue to find buyers. I don’t know that the 0.72 level I offer support as well, so quite frankly this is a “buy only” market currently.
Longer-term, we could be looking at a move to the 0.73 handle above, and then eventually the 0.75 handle after that. Ultimately, this is a market that tends to move quite rapidly, as it is the least liquid of the major Forex pairs. Ultimately, the market looks to be very well supported, and therefore I believe that the buyers will continue to benefit from the overall pressure to the upside.
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