Third straight day of gains
At 0.7215, the currency pair is up for the third consecutive day. Kiwi received a boost this week from a slight uptick in dairy prices at yesterday’s GDT auction and upbeat domestic inflation data.
However, data released in China was mixed. GDP matched estimates by coming-in at 6.7%, however, Industrial production cooled to 6.1% compared to expected rise to 6.4% from previous figure of 6.3%. Meanwhile, retail sales printed slightly better-than-expected at 10.7%. The mixed data failed to secure a breach of falling trend line hudle.
NZD/USD Technical Levels
A break above 0.7230 (falling trend line hurdle) would open doors for 0.7256 (Aug 2 high) above which the spot could target 0.73 (zero figure). On the other hand, breach of Asian session low of 0.7189 could yield 0.7135 (Oct 6 low), under which major support is seen at 0.7087 (Aug 8 low).