NZD/USD chart - Trading View
NZD/USD was trading 0.22% higher on the day at 04:00 GMT, after closing largely unchanged in Tuesday's trade.
The pair largely ignored strong rebound in New Zealand manufacturing sales as markets remains cautious amid US stimulus and the covid concerns.
Data released on Tuesday showed New Zealand Manufacturing Sales Volumes surged a record 17.3% in Q3, following Q2’s record 12.2% contraction.
Focus now on New Zealand Electronic Card Retail Sales for November. Westpac “expect a modest 0.3% pullback in spending in November.
Global risk appetite will also impact price dynamics. Technical indicators continue to have bullish bias.
Price action has paused upside just shy of 78.6% Fib at 0.7110. Pullbacks find support at 21-EMA at 0.6966 and then 55-EMA at 0.6828.
Resumption of upside will see next major hurdle at 88.6% Fib at 0.7320. Bullish invalidation likely on retrace below 200W MA.
