- NZD/USD struggles despite upbeat China data.
- Regular RSI means the pullback might wither away at the support confluence.
- Weekly support line and 100-hour moving average lend support.
NZD/USD was trading down 0.13 Percent at 0.6765 during the early-Wednesday trading. The kiwi has been trading in the green for the past eight days but lost ground today even after a favourable China’s Caixin Services PMI reading.
The ascending trend line from August 31 and the 100-hour moving average meet near 0.6745-40; this would give support to the pair even as the RSI stays neutral.
If the sellers are successful in pushing the price to 0.6740, then the area around Monday’s low and July months top around 0.6720/15 will support the NZD/USD from falling to sub-0.6700 region.
The descending trendline coming from the previous day, near 0.6775 would be the immediate resistance for the pair’s rise before reaching the multi-month high touched on Wednesday around 0.6790. The level also corresponds to July 2019 high, a challenge for the bulls before testing the next threshold of 0.6800.
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