FxWirePro: NZD/USD erases early loses, extends break above daily cloud
NZD/USD chart - Trading View
NZD/USD is extending break above daily cloud, gains for the 3rd straight session.
New Zealand dollar has largely ignored softer-than-expected inflation data as price moves up on broad based U.S. dollar weakness.
The New Zealand Consumer Price Index (CPI) arrived well below expectations at 1.4% YoY vs 1.7% expected.
On a quarter on quarter basis New Zealand CPI gained 0.7%, after a decline of 0.5% in Q2. The reading fell shy of the forecast of 0.9%, but markets were impressed with the bounce back.
The pair has gained 1.14% so far this week and decisive break above daily cloud will see test of 200W MA at 0.6772.
Support levels - 0.6637 (5-DMA), 0.6613 (55-EMA)
Resistance levels - 0.67, 0.6760 (61.8% Fib)