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NZD/USD jumps 1% on profit-taking, upbeat China data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The NZD/USD pair extends its recovery mode into the European session, with the bulls unstoppable taking the prices beyond 0.69 handle.

    NZD/USD: Thursday’s slide reversed

    Currently, the NZD/USD pair jumps 1.10% to fresh two-day highs of 0.6926, having found fresh bids above 5-DMA at 0.6895. The bird continues to fly higher as markets resort to profit-taking after two back-to-back sessions of extensive gains. More so, traders clear out their positions as any impact of weekend’s outcome from oil producers’ meeting in Doha to discuss output freeze, will eventually have a major impact on the resource-linked Kiwi.

    While the recovery in the NZD/USD pair was triggered by upbeat Chinese economic releases, with the GDP figures meeting expectations, while the industrial production, retail sales and fixed asset data bettered estimates.

    In the day ahead, the major will track the broader market sentiment ahead of the US industrial production and consumer sentiment data, while next Monday’s CPI data from New Zealand also remains a key risk event.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6950/55 (daily R2), above which it could extend gains to 0.6973/0.7000 (Mar 31 High/ round number). To the downside immediate support might be located at 0.6850/43 (10-DMA/ 1h 200-SMA) and from there to 0.6800 (round number).
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