FxWirePro: NZD/USD comatose above 21-EMA support, mixed risk catalysts and downbeat NZ data keep the pair depressed
NZD/USD chart - Trading View
NZD/USD was trading largely muted at 0.7284 at around 11:10 GMT, having made a session high of 0.7304 and low of 0.7273.
The pair trades in narrow range as mixed risk catalysts and downbeat NZ data keep the kiwi depressed.
China’s Caixin Services PMI eased from 52.0 to 51.5 during February, which doesn't bode well for the antipodeans.
New Zealand Building Permits for January eased from upwardly revised 5.9% to 2.1% whereas February’s ANZ Commodity Price Index dropped below 3.6% prior to 3.3% earlier in Asia.
New Zealand’s GDT Price Index rose to the highest since September 2015 while flashing a 15.0% mark in its latest reading versus 3.0% prior on Tuesday, keeping downside limited.
U.S. dollar regains poise as retreating yields lift the market mood. Traders look forward to the US ADP jobs, ISM Services PMI and Fed’s Beige Book for fresh impetus.
Technical studies support upside in the pair. Price action has broken above 200-month MA. Scope for test of 0.7437 (2018 high).
50-DMA is strong support at 0.72. Bullish invalidation likely on breach below daily cloud.