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NZD/USD chart on Trading View used for analysis
- NZD/USD extends range trade for a second straight session, intraday bias neutral.
- Caution prevails ahead of this weekend’s key meeting on trade between the US President Trump and his Chinese counterpart Xi.
- The bullish momentum has continued fading and we see and increasing risk of a downward extension.
- 200-DMA is major resistance at 0.6864 and any further upside only on breakout above.
- We evidence a bearish divergence on RSI and Stochs which adds to the bearish bias.
- Data on Thursday showed US core PCE inflation increased less-than-expected in Oct, by 1.8% YoY, while unemployment claims were up 234K in the week ended November 23.
- On today's macroeconomic calendar focus will be on US Chicago PMI, expected at 58.0 from the previous 58.4.
Support levels - 0.6830 (5-DMA), 0.6792 (20-DMA), 0.6774 (21-EMA)
Resistance levels - 0.6864 (200-DMA), 0.6887 (Nov 28 high), 0.69
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
