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NZD/USD chart on Trading View used for analysis
- NZD/USD is trading 0.16% higher on he day at 0.6789 at the time of writing.
- The pair has largely ignored miss in New Zealand Q3 retail sales data.
- New Zealand’s retail sales volumes were unchanged in Q3, versus expectations for a 1.0% q/q lift.
- “Today’s print presents some downside risk to our preliminary forecast for Q3 GDP growth of 0.6% q/q", said Analysts at ANZ.
- 5-DMA is biased lower, Stochs have rolled over from overbought levels and are biased lower.
- The pair is on track to test 110-EMA at 0.6717, break below to see further weakness.
- Price action was rejected at 200-DMA and any bullish continuation only on break above.
Support levels - 0.6717 (110-EMA), 0.6708 (38.2% Fib), 0.6676 (55-EMA)
Resistance levels - 0.6801 (5-DMA), 0.6874 (200-DMA), 0.69
Recommendation: Good to go short on rallies around 0.6795/0.68, SL: 0.6830, TP: 0.6740/ 0.6720/ 0.67
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
