• FxWirePro: NZD/USD set to post 3rd straight weekly gains, on track to test 0.71 Mark

    Source: FxWire Pro - Technicals / 22 Nov 2020 11:41:35   America/New_York

    NZD/USD chart - Trading View 

    NZD/USD brushes aside initial weakness, resumes upside as the pair stays on track to post 3rd weekly gains.

    The major was trading 0.29% higher on the day at 0.6929 at around 05:30 GMT, retracing the previous session's losses.

    Data released earlier today showed New Zealand's Credit Card Spending fell 6.3% in November following October's 9.9% decline. 

    The decline marked an eighth straight monthly contraction in consumer spending, but was less severe than the expected drop of 14.5%.

    Further, the People's Bank of China (PBOC) kept rates unchanged at 3.85% early today in a sign of confidence in the economic recovery.

    In yet another sign of the first major economy to return to growth from the coronavirus crisis, China issued five-year notes at a yield of -0.152%, its first negative-yielding debt.

    NZD/USD keeps gains on the day. Price action is extending break above 200W MA and is on track to test 0.71 mark.
     

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