DAILY SPOT NZDUSD - Tuesday's call and technicals
While Friday’s buying from the 200 day average rate and the end to a sequence of lower daily highs is short-term positive for sentiment, this week’s signals have remained bearish and pointing to selling the rally at .6870, the 27th Feb Marabuzo line. The initial move has been higher, investors buying the market on Monday for a gain of over ½ Big Fig and so far there is no sign yet that this demand is ending. For this reason, the outlook for Tuesday remains cautiously bullish and the call is to buy on the open and then at .6829, today’s opening trade in Asia with a stop loss at .6805, this week’s open. Targets are to .6857, the 28th Feb high, .6870, the 27th Feb Marabuzo line and .6903, the 2 week top.
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