- NZD/USD trades slightly weaker on the day, down 0.05% at the time of writing.
- The kiwi remains under pressure as China PMI misses expectations, hits 4-month low.
- China's PMI came in at 51.0, missing 51.7 expected and compared to the previous period's reading of 51.6.
- Price bounced off 200-DMA at 0.7184 on March 29th day's trade and we see weakness only on break below.
- We see doji formation on daily charts on Friday's trade and upside was capped below 5-DMA.
- Focus now on US NFP data due on Friday for further impetus.
Support levels - 0.7185 (nearly converged 200-DMA and 38.2% Fib and cloud base), 0.7153 (March 21 low), 0.71
Resistance levels - 0.7235 (5-DMA), 0.7256 (20-DMA), 0.7281 (23.6% Fib), 0.73
Recommendation: Watch out for break below 200-DMA for further weakness.
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