FxWirePro: NZD/USD breaks above 78.6% Fibonacci, eyes 110w EMA at 0.6537
Source: FxWire Pro - Technicals / 05 Jul 2020 12:57:41 America/New_York
NZD/USD chart - Trading View
NZD/USD extends gains for the 3rd straight session, breaks above 78.6% Fib at 0.6480.
The major was trading 0.29% higher at 0.6495 at around 04:55 GMT, after closing 0.34% higher in the previous session.
Better-than-expected New Zealand Building Permits data on Wednesday which showed a nearly 36% rise, beating forecasts for a 0.1% decline seem to keep the kiwi buoyed.
A big beat on China PMI data released during the week is also supporting the commodity currencies.
The pair currently remains under 0.6500 mark. Risk-tone remains mildly positive despite worries concerning the coronavirus and US-China.
Technical bias is bullish. Major and minor trend as evidenced by the GMMA are bullish. Momentum with the bulls and volatility is rising.
Close above 20-DMA and break above 78.6% Fib has raised scope for further upside. Next major hurdle lies at 110W EMA at 0.6537.
Traders shall focus on U.S. Nonfarm Payrolls data. Above-forecast data may cause a temporary rise in the US dollar.
Major Support - 0.6418 (21-EMA)
Major Resistance - 0.6537 (110W EMA)
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