NZD/USD: Further gains may be on the cards - FXCharts
FXStreet (Bali) - According to Jim Langlands, Founder at FXCharts, from a 4 hour chart perspective, readings in the NZD/USD look positive, suggesting that further gains are possible.
Key Quotes
"The Kiwi has today reached the previous trend high at 0.7697 (24 March high), from where it has currently backed off, but with the 4 hour charts looking positive, further gains may be on the cards."
"As elsewhere, the shorter term charts are now overbought so we could see a dip towards 0.7630 (23.6% of 0.7421/0.7697) and then to 0.7592 (38.2%)."
"The topside would see a run back to the session/trend high. A break of 0.7700 would take the Kiwi up to important trend resistance at 0.7730, beyond which would suggest a run to Fibo resistance at 0.7800 (38.2% of 0.8842/0.7175)."