FxWirePro: EUR/ NZD gains some upside momentum but still bearish

• EUR/NZD gained above 1.9900 on Friday   as investors digested soft New Zealand Mfg  data and high-stakes summit between US President Donald Trump and Chinese counterpart Xi Jinping in Beijing..

• U.S. President Donald Trump left China on Friday without major trade breakthroughs or Chinese support to end the Iran war.

•Trump’s China visit aimed to secure tangible results ahead of the November midterm elections, while China confirmed President Xi Jinping will visit the U.S. later this year at Trump’s invitation.. 

•New Zealand’s manufacturing sector expanded only marginally in April, with growth slowing to a six-month low as the Middle East conflict raised costs and disrupted supply chains, a survey showed Friday.

• The Bank of New Zealand–BusinessNZ Performance of Manufacturing Index fell to a seasonally adjusted 50.5 in April from a revised 52.8 in March.

• Immediate resistance is located at  1.9917(Daily high), any close above will push the pair towards 2.0063 (50%fib).

• Immediate support is seen at 1.9828 (38.2%fib) and break below could take the pair towards 1.9733(Daily low).

 Recommendation: Good to sell around 1.9950 with stop loss of 2.0050  and target price of 1.9870