- NZD/USD is extending upside for the 4th straight session, bias higher.
- The pair has broken above 5-DMA and eyes next major resistance at 21-EMA.
- Improved risk appetite on easing US-China trade tensions and higher oil prices continue to remain supportive of the higher-yielding NZD.
- Minor uptrend in the pair finds immediate resistance at 21-EMA at 0.6607. Decisive break above to see further upside. Bullish continuation only above 55-EMA.
- US retail sales, industrial production and prelim UoM consumer sentiment data will be watched for impact on the major.
- Focus also remains on the NZ Q2 GDP report slated for release next week.
Support levels - 0.6553 (5-DMA), 0.65 (Sept 11 low)
Resistance levels - 0.6607 (21-EMA), 0.6698 (55-EMA), 0.6727 (Aug 28 high)
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -32.9275 (Neutral), while Hourly USD Spot Index was at 27.0931 (Neutral) at 0645 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
