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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NZD
NZD/CNH moved away from a four-month low after bouncing off the 61.8% retracement of the Oct 20 - Feb 25 rally, located at CNH4.5425. At the same time, the RSI returned from oversold territory. The rate then stabilised just above the 50% Fibo retracement & 200-DMA, struggling to register further gains and push through the next DMA. The pair last trades +23 pips at CNH4.6198. The RSI sits some way off the 70 level, which suggests potential for a continued move higher.
- A break above the ascending 100-DMA at CNH4.6441 would reassure bulls, encouraging them to target Mar 18 high of CNH4.7184.
- Bears keep an eye on the 200-DMA at CNH4.5918. A breach of that level would turn focus to Apr 1 low of CNH4.5721.
Fig. 1: NZD/CNH
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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