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Chart - Courtesy Trading View
Spot Analysis:
NZD/USD was trading 0.66% higher on the day at 0.6331 at around 09:40 GMT
Previous Week's High/ Low: 0.6328/ 0.6191
Previous Session's High/ Low: 0.6328/ 0.6218
Fundamental Overview:
Kiwi largely ignores downbeat China Caixin Manufacturing PMI.
China’s Caixin Manufacturing PMI for July eased to 50.4 versus 51.5 expected and 51.7 prior.
Earlier in the day, New Zealand’s seasonally adjusted Building Permits dropped 2.3% for June versus -0.3% market forecast and -0.5% prior readings.
Hawkish concerns surrounding the Reserve Bank of New Zealand’s (RBNZ) rate hike trajectory and the US dollar’s latest weakness support the pair higher.
Focus now on the US ISM Manufacturing PMI for July, expected at 52 versus 53 prior, for intraday directions.
Major attention will be on Wednesday’s New Zealand jobs report and Friday’s US Nonfarm Payrolls (NFP).
Technical Analysis:
- NZD/USD edges above 55-EMA, scope for further upside
- Momentum is bullish, stochs and RSI are sharply higher
- Volatility is high and rising as evidenced by wide Bollinger bands
- MACD supports upside in the pair, Chikou span is biased higher
Major Support and Resistance Levels:
Support - 0.6278 (5-DMA), Resistance - 0.6446 (110-EMA)
Summary: NZD/USD edges above 55-EMA raising scope for further upside. Immediate resistance aligns at daily cloud. Break above will fuel further gains.
