FxWirePro: NZD/USD rises on upbeat New Zealand business confidence data, room for further gains

• NZD/USD made solid gains on Thursday after data showed New Zealand's business confidence jumped in August.

• A survey showed that business confidence surged 23 points to a decade-high level of +51 in August, while expectations for activity at their own firms increased by 21 points to +37.

• The turnaround was driven by a rate cut from the Reserve Bank of New Zealand (RBNZ), which also signaled the start of a broader cycle of monetary easing.
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• At (GMT 06:32) Kiwi dollar was trading up    0.61% at $0.6282 against the U.S. dollar. 

• Technical highlight upside risks for NZD/USD, with momentum studies, 5, 10 and 21 DMAs tracking north  .
 
• Immediate resistance is located at 0.6298(23.6%fib), any close above will push the pair towards 0.6334 (Higher BB).

• Support is seen at 0.6228 (38.2%fib) and break below could take the pair towards 0.6174(50%fib).

 Recommendation: Good to buy around 0.6270 with stop loss of 0.6180 and target price of 0.6350