NZDUSD's upside 'surprise' may lie ahead
NZDUSD jumped yesterday after a poll showed the ruling National party had a 10 point lead heading into New Zealand’s September 23 election.
However, bookmakers have it too close to call as 37-year-old Labour party leader Jacinda Adhern continues to get a lot of media attention.
The next poll is out on Thursday at 1800 local time.
Management and risk description
The Kiwi’s price action over the past four weeks displays a potential bottoming structure (refer hourly and daily charts below) and with support now at 0.7260/0.7220, looking for rally above 0.7320/0.7335 resistance to complete this consolidation and herald a strong rally onto the 0.7400 level, en route to the mid 0.7500’s over the coming days and weeks.
Entry: Today the NZD is seen as a buy at market (0.7260)
NZDUSD weekly chart (click to expand)