FxWirePro: NZD/USD maintains upside momentum, eyes 0.6300 level

• NZD/USD climbed modestly on Thursday as data the New Zealand economy turned out to be less concerning than expected.

.• Data released on Thursday showed that GDP declined by 0.2% in the June quarter, which was an improvement over the RBNZ forecast of a 0.5% drop and analysts' expectations of a 0.4% contraction.

• The data   confirmed the weakness of the economy and left the market pricing in a 100% chance of a quarter-point rate cut from the Reserve Bank of New Zealand in October.

• At (GMT 04:19) Kiwi dollar was trading at up  0.04% to $0.6211 against the U.S. dollar , having hit low at 0.6180 overnight 

•  The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains  .
 
•  Immediate resistance is located at 0.6202(38.2%fib), any close above will push the pair towards 0.6274(23.6%fib).

•Support is seen at 0.6149 (50%fib) and break below could take the pair towards 0.6133(Lower BB).

 Recommendation: Good to buy around 0.6200 with stop loss of 0.6120 and target price of 0.6300