NZDUSD at 2 Week High After Better Data From China

Kiwi got a boost from better Chinese figures earlier today, the China Industrial Production (year over year) came in at 6.3% above forecasts of 5.2% in June. The China Gross Domestic Product (year over year) matched expectations of 6.2% for 2Q 2019. China Gross Domestic Product (quarter over quarter) came in at 1.6%, better than forecasts of 1.5% in 2Q. The China Retail Sales (year over year) came in at 9.8%, beating expectations of 8.3% in June. The New Zealand Visitor Arrivals (year over year) came in at -1.2% below expectations of 3% in May.

On technical side the pair is trading at two week and daily high at 0.6722. The pair managed to breach the 200 day moving average giving the bulls the upper hand.  Support for the pair stands at today’s low at 0.6679 the 100 day moving average and then at 0.6592 the 50 day moving average. On the upside immediate resistance stands at 0.6726 the high from July 1st and if the pair manages to close above it might continue with an attempt to 0.6750. The positive momentum will keep attracting traders a long as the pair holds above the 0.67 mark.Don’t miss a beat! Follow us on Twitter.

Download our Q3 market outlook today for our longer-term outlook for the markets and trade ideas.

Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.