• 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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