- Rising wedge chart pattern and bearish MACD in focus
- Import-side worries in otherwise rosy China Trade Balance
- A move above 0.6700 to face multiple resistance
The NZD/USD was trading at 0.6668, a fall of 0.27 Percent compared to the previous close, on the heels of Trade Balance reports from China in the early hours of today’s session.
The day’s action has snapped a three-day winning streak in the pair, now hovering around the day’s lows.
MACD is bearish, and the pair’s next immediate support is at 0.6650, a confluence of ascending trendline from Tuesday and the 200-hour-moving-average.
A fall below the said support zone will likely drag the NZD/USD pair to the monthly-low around 0.6575, and 0.6600 will be a minor-support in such a fall.
On the upside, 0.6700 is proving to be tough for the bulls. But, any successful break above that level can see the pair fast approaching 0.6715/20 – the July top. Further ahead of 0.6720, if at all NZD/USD muster strength to rise more, the current year high of 0.6740 and 0.6756, clocked in the last day of 2019, will be in play.