NZD/USD stuck at the key trend line hurdle

Omkar Godbole FXStreet Contributor

NZD bulls are having a tough time pushing the NZD/USD pair through a resistance offered by the descending trend line drawn from November 8 high and December 15 high.

Trades above 0.71 handle

The spot clocked an intraday high of 0.7123 levels earlier today and was last seen trading around 0.7110 levels. Weak China export growth figures did little to help the pair extend the early gains.

Whether the pair ends the week above the key trend line hurdle of 0.7115 depends on the US retail sales and producer price index data due for release later today.

NZD/USD Technical Levels

A daily close above 0.7115 would mark a bullish break from the falling channel and would open doors for a pronounced rise to 0.72 (zero figure) and 0.7239 (Dec 14 high). On the other hand, a breakdown of support at 0.7083 (200-DMA) could yield a pullback to 0.7053 (5-DMA) and 0.7005 (10-DMA).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Oversold	High
1H	Bearish	Oversold	Low
4H	Bullish	Neutral	High
1D	Bullish	Neutral	Shrinking
1W	Bullish	Neutral	Expanding
Updated Jan 12, 01:30 GMT

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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