NZD/USD struggles to extend previous session's gains, trades range bound.
Weaker-than-expected New Zealand retail sales data for the third-quarter dents the kiwi.
On the otherside, USD beaten down on the dovish FOMC minutes and disappointing data which is likely to keep upside bias in the pair.
NZD/USD capped below 20-DMA at 0.6884, breakout above could see further upside.
Technical studies are turning and Bullish divergence on RSI and Stochs raises scope for upside.
On the flipside, we see weakness only on break below major trendline support at 0.6818.
Support levels - 0.6842 (5-DMA), 0.6809 (61.8% Fib retrace of 0.6347 to 0.7558 rally), 0.6780 (Nov 17 low)
Resistance levels - 0.6884 (20-DMA), 0.6952 (50% Fib), 0.6980 (Nov 9 high)
Good to go long on break above 20-DMA at 0.6884, SL: 0.6840, TP: 0.69/ 0.6950/ 0.6980
Weaker-than-expected New Zealand retail sales data for the third-quarter dents the kiwi.
On the otherside, USD beaten down on the dovish FOMC minutes and disappointing data which is likely to keep upside bias in the pair.
NZD/USD capped below 20-DMA at 0.6884, breakout above could see further upside.
Technical studies are turning and Bullish divergence on RSI and Stochs raises scope for upside.
On the flipside, we see weakness only on break below major trendline support at 0.6818.
Support levels - 0.6842 (5-DMA), 0.6809 (61.8% Fib retrace of 0.6347 to 0.7558 rally), 0.6780 (Nov 17 low)
Resistance levels - 0.6884 (20-DMA), 0.6952 (50% Fib), 0.6980 (Nov 9 high)
Good to go long on break above 20-DMA at 0.6884, SL: 0.6840, TP: 0.69/ 0.6950/ 0.6980