Kiwi Supported By Trade Balance, Buys Suggested On NZDUSD
On Monday (25/7), data from Statistics New Zealand reported that New Zealand’s trade balance reached $127 million surplus in June. The trade balance data remained positive for the sixth consecutive month, as primary commodities continued to support the export-driven economy. Economists had forecast a figure of $128 million for the trade balance in June. An encouraging reading has helped lift the Kiwi on Tuesday (26/7) sharply, after a choppy month of trading. On the hourly chart, the pair is moving in an uptrend after testing the support at 0.69497. RSI (14) rocketed to the level of 59.2962, suggesting that the bullish trend is becoming stronger. ADX (14) rallied to 25.2289, with DI+ staying above the DI-, which confirms the current uptrend.
Buy stop at 0.70485, Take profit at 0.70531, Stop loss at 0.70453