The NZD/USD is seeking acceptance above the key resistance at 0.6851 (May 16 low), having scaled 0.6830 (38.2% Fib R of 0.7060-0.6688). An above forecast China PPI is good news for the NZD. The NZD/USD is mildly bid in Asia and is looking to scale the key resistance at 0.6851 (May 16 low) in a convincing manner. A daily close above the key hurdle would validate the pair’s move above 0.6830 (38.2% Fib R of 0.7060-0.6688) and embolden calls for a stronger rally towards the 50-day moving average (MA), currently lined up at 0.6921. The New Zealand electronic card retail sales data released earlier today carried a strong headline, but the details revealed the 0.8 percent month-on-month rise seen in June and an upwardly revised 0.6% m/m lift in May were insufficient to offset April’s 2.2% decline. The murky details of the retail sales data could be capping the upside in the NZD/USD around 0.6851. That said, a better-than-expected China producer price index (PPI) – a good indicator of demand for commodities – released a few minutes ago could make way for a solid break above 0.6851. NZD/USD Technical Levels Resistance: 0.6851 (May 16 low), 0.6921 (50-day moving average), 0.70 (psychological level). Support: 0.6832 (session low), 0.6814 (5-day moving average), 0.6787 (10-day moving average). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/JPY Technical Levels: Hurdle at 83.04 may hold on bearish RSI divergence FX Street 3 years The NZD/USD is seeking acceptance above the key resistance at 0.6851 (May 16 low), having scaled 0.6830 (38.2% Fib R of 0.7060-0.6688). An above forecast China PPI is good news for the NZD. The NZD/USD is mildly bid in Asia and is looking to scale the key resistance at 0.6851 (May 16 low) in a convincing manner. A daily close above the key hurdle would validate the pair's move above 0.6830 (38.2% Fib R of 0.7060-0.6688) and embolden calls for a stronger rally towards the 50-day moving average (MA), currently lined up at 0.6921. The New Zealand electronic card retail… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
