NZD/USD is currently going through a volatile corrective structure. Today, New Zealand released Visitor Arrivals report which showed an increased figure at 3.5% from 1.9% previously. Credit Card Spending declined to 6.4% which previously was at 7.2%. On the back of mixed data and lack of economic data from the US, today the pair is currently trading in the range of 0.6840 to 0.6940. Since yesterday, USD has been gaining ground against NZD. So any positive news on USD side will help USD to advance more against NZD.
Now let us look at the technical chart. The price is currently in a corrective structure inside a range between 0.6840 and 0.6940. As the dynamic level of 20 EMA is holding the price as resistance and overall trend is bearish, we expect a bearish move in the coming days. Unless the range is breached upward or downward with a daily close, we should refrain from taking a decision about a further price movement in this pair. A daily close below 0.6840 will open the pathway for a downward target towards 0.6660 support level. Alternatively, a daily close above 0.6940 will open the pathway for upward move towards 0.7100 resistance level.
The material has been provided by InstaForex Company – www.instaforex.com