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FxWirePro: NZD/USD shows upside momentum, but bearish outlook remains

• The NZD/USD edged higher on Friday as higher commodities price and an improving economic outlook in China provided some support to kiwi dollar.

• President Xi Jinping New Year's address on Tuesday that China would implement more proactive policies to promote growth in 2025.

• China's December survey showed weak manufacturing growth, but services and construction fared better, indicating that policy stimulus is supporting these sectors.

• The New Zealand dollar often used as a proxy for China's currency was up   0.16% to $0.5606, but was   headed for a weekly loss of 0.66%.

•  Immediate resistance is located at 0.5646(38.2%fib), any close above will push the pair towards 0.5850(50%fib).

•  Support is seen at 0.5588 (23.6%fib) and break below could take the pair towards 0.5521(Lower BB).

 Recommendation: Good to sell around 0.5630, with stop loss of 0.5700 and target price of 0.5550

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