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FxWirePro: NZD/USD resumes upside after brief pause, NZ Treasury comments buoy kiwi bulls
NZD/USD chart - Trading View
NZD/USD was trading 0.21% higher on the day at 0.7014 at around 04:35 GMT. The pair has resumed upside after a brief pause in the previous session.
The major remains buoyed by NZ Treasury comments and broad based U.S. dollar weakness and is on track to test 78.6% Fib at 0.7111.
New Zealand (NZ) Treasury's weekly report highlighted an upside risk to economic growth supported by recent jump in retail sales.
Further, China’s October month Industrial Profits grew 28.2% YoY versus 10.1% prior. The year-to-date figures were up 0.7% YoY, the first positive figure in 2020.
That said, rising Sino-American tensions after the US levies fresh sanctions on Chinese companies over their links to the Iran missile program likely to keep upside limited.
Major trend in the pair is bullish. Price action has broken major trendline resistance and 200W MA at 0.6765 and is on track for test of 0.71 levels.