FxWirePro: NZD/USD reverses temporary drop, retakes 0.70 handle on NZ Finance Minister's comments

• NZD/USD resumed upside, reversing previous session's drop on upbeat comments from New Zealand Finance Minister Robertson.
   
• Robertson said earlier today that he is "Comfortable" with trend in NZ dollar.
   
• Further, upbeat NZ manufacturing PMI data along with renewed selling pressure in USD on account of looming uncertainty over a bill to change the US tax code lending support.
   
• Data released earlier today showed NZ manufacturing PMI rose to 57.7 in Nov versus 57.2 last.
   
• Technical studies support upside in the pair, next bull target is at 0.71 levels (converged 100 and 200 DMAs). Breakout there could see continuation of uptrend.
   
• Immediate support is seen at 0.6971 (5-DMA) and we see bullish invalidation only on break below 20-DMA at 0.6891. 
   
• Focus now on U.S. industrial production data later tonight in the NY session.

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-stalls-4-day-rebound-slips-below-070-handle-kiwi-bulls-unimpressed-by-China-data-dump-1058170) is progressing well.

Recommendation: Bias higher. Hold for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 161.811 (Bullish), while Hourly USD Spot Index was at -98.4771 (Bearish) at 0400 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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