According to data, released by the Statistics New Zealand, Imports of goods and services fell to NZ$3.89 billion that was, however, above an expected fall to NZ$3.87 billion. Data on Exports exceeded the forecast as well. The indicator came in at NZ$3.9 billion. Thus, favorable data on the country’s Trade Balance supported the national currency.
Today, market participants will be following the publication of GDP indicator, due in the US. If the forecast is confirmed and US GDP posts a decline to 0.4%, the US currency might come under pressure.
Support and resistance
On the daily chart, the pair is trading near the upper MA of Bollinger Bands. The price remains above the MA50 and MA100, both directed horizontally. MACD histogram is in the positive zone; its volumes are gradually growing. ADX is directed horizontally, while DI lines are moving in different directions.
Support levels: 0.6729, 0.6679, 0.6645.
Resistance levels: 0.6759, 0.6796, 0.6834.
Long positions can be opened from the level of 0.6759 with the target at 0.6790 and stop-loss at 0.6740.
Short positions can be opened from the level of 0.6725 with the target at 0.6680 and stop-loss at 0.6750.
Validity – 1-2 days.