FxWirePro: Kiwi under pressure, better than expected GDP data fails to impress, good to sell NZD/USD rallies

 

• Kiwi bulls left unimpressed on Thursday after NZ Q3 GDP data came in only slightly ahead of forecast, the pair was dumped towards 10-DMA at 0.6724.
   
• NZD/USD pulled back from 0.6800 FOMC-induced gains and fell sharply, hit session lows at 0.6717.
   
• The pair remained under pressure on the back of commodity sell-off, and as investor risk appetite returned boosting USD.
   
• RSI is biased lower, daily Stochs have show bearish crossover and rolled back from overbought levels.
   
• The pair is now holding above 10-DMA at 0.6728, breaks below will expose next support by daily Tenkan at 0.6702 and then 0.6680 (38.2% Fib retrace of Nov/Dec rally).
   
• Resistance on the upside is at 0.6865 (trendline), bullishness on breaks above 200 DMA at 0.6872.
   

Recommendation: Good to sell rallies around 0.6750, SL: 0.68, TP: 0.6670