NZD/USD Price Analysis: Bulls eye a break of 0.7125/50 around NZ GDP
|- NZD/USD bulls are in charge leading into the NZ GDP data coming up.
- The price is resisted but on a positive outcome, the 0.7120s will most likely come under pressure.
From a top-down analysis perspective, the market is trading in a bullish bias into the Gross Domestic Product data:
From the daily point of view, traders are looking for a bullish extension as follows:
The bulls will be looking for 0.7170 to be cleared in the coming sessions.
NZD/USD lower time frames
From a 4-hour perspective, the price is stuck between support and resistance:
A break of resistance will open the upside for the bulls that are currently leading on a dynamic and horizontal support.
From an hourly outlook, into the data, the bulls have the upper hand and target a break through the 0.7120/30 resistance block:
Should the data accelerate the bulls through 0.7125, then there are prospects of a daily upside continuation in the coming days. 0.7150 will be the next critical target and 0.7170 thereafter.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.