- NZD/USD pares GDP-led losses, edges higher from session lows at 0.7303.
- The Kiwi has been struggling to get support on the back of New Zealand GDP miss.
- New Zealand's GDP y/y stood at 2.9%, below the expected 3.1%, but still above the 2.7% posted for the previous year.
- Overall market sentiment will be the continued driver underpinning action in the NZD/USD.
- Technical bias is still higher. RSI is above 50 levels and Stochs are biased higher. We see a bullish crossover of MACD line on signal line.
- The pair is holding above daily cloud with scope for test of 0.7435 (trendline) ahead of 0.7558 (July 27 high).
- 20-DMA at 0.7295 is strong support on the downside and we see weakness only on break below.
Support levels - 0.7310 (5-DMA), 0.7295 (20-DMA), 0.7281 (23.6% Fib)
Resistance levels - 0.7354 (March 13, 14 high), 0.74, 0.7435 (trendline)
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
