- 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.
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