- The NZDUSD pair traded higher Intraday, a solid support trend line is formed on the downside.
- If the current buying sentiment holds, then there is a chance of a break above 0.6900.
- An initial resistance on the upside is around the recent high of 0.6880.
- In the US, the S&P/Case-Shiller Home Price Indices released by the Standard & Poor’s posted an increase of 5.5% in October, more than the forecast of 5.4%.
The NZDUSD pair is following a couple of support trend lines formed on the hourly chart. There were many attempts to break the highlighted trend lines and support area, but sellers failed. The pair is currently testing the 0.7880 resistance area and may spike towards 0.7900.
If the pair corrects lower from the current levels, then buyers may appear around the trend line support area. Only a close below 0.6840 may negate the current bullish view.
On the upside, a break above 0.7900 is needed for a move towards 0.7940.
S&P/Case-Shiller Home Price Indices
Today, the US S&P/Case-Shiller Home Price Indices, which examines changes in the value of the residential real estate market in 20 regions across the US was released by the Standard & Poor’s. The forecast was slated for a rise of 5.4% in October 2015, compared with the same month a year ago. However, the outcome came above the forecast, as the US S&P/Case-Shiller Home Price Indices increased by 5.5%.
The report stated that “San Francisco, Denver and Portland continue to report the highest year-over-year gains among the 20 cities with another month of double-digit price increases of 10.9% for all three. Twelve cities reported greater price increases in the year ending October 2015 versus the year ending September 2015”.
Overall, the report was positive, and may stall gains in NZDUSD, but as long as the trend line holds more gains are possible.