• FxWirePro: NZD/USD extends range trade, Kiwi ignores upbeat China PMI data

    Source: FxWire Pro - Technicals / 30 Jun 2020 01:17:30   America/New_York

    NZD/USD chart - Trading View 

    NZD/USD extending range trade for the 4th straight session, intraday bias neutral.

    The major was trading 0.05% higher on the day at 0.6423 at around 04:50 GMT. 

    Kiwi ignores upbeat China PMI data. China’s official PMIs rose well beyond the downbeat forecasts and prior.

    Data released earlier today showed China's NBS Manufacturing PMI rose to three-month high of 50.9 in June. Beating estimates at 50.4 and above the prior month's 50.6.

    On the other side, New Zealand's ANZ Business Confidence for June was revised lower to -34.4 from the initial estimate of -33.00. 

    The indicator had declined to -41.8 in May. Meanwhile, the ANZ Activity Outlook for June came in at -25.9%, following May's -38.7% print.

    Markets struggle for clear direction. Virus woes to keep any upside limited. Technical Analysis provides no clear directional bias. 

    The major holds strong support at 21-EMA at 0.64. Break below will see test of 200-DMA support. Violation at 200-DMA will open downside.

    On the flipside, bounce off 21-EMA eyes 110W EMA at 0.6535. Clear break above 110W EMA will fuel further gains. 

    Major Support: 0.6321 (200-DMA); Major Resistance: 0.6535 (110W EMA)

    Summary: The pair is pivotal at 21-EMA support. Major trend in the pair remains bullish. Clear break below 21-EMA to see weakness. 
     

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