FxWirePro: NZD/USD extends gains for the 5th straight session, edges above 200W MA

NZD/USD chart - Trading View 

NZD/USD was trading 0.43% higher on the day at 0.6781 at around 05:30 GMT, after closing 0.93% higher in the previous session.

The pair is extending gains for the 5th straight session and price action has broken above 200W MA raising scope for further upside.

Upbeat data from New Zealand keeps trading sentiment positive, supporting the antipodean.

The Reserve Bank of New Zealand’s (RBNZ) Inflation Expectations crossed the previous 1.43% mark to 1.59% QoQ for the fourth quarter (Q4) of 2020.

Upbeat data reduces the odds of any rate cuts from the New Zealand central bank (RBNZ) during the next week's meeting.

Looking forward, vote counts from the US and on the data front, October month non-farm payroll data will decide price action.

Technical bias for the pair has turned bullish again. If price manages to close above 200W MA we can expect further gains in the coming week.

Next major bull target lies at 78.6% Fib at 0.7110. Failure to hold above 200W MA negates near-term bullishness.