FXWIREPRO: NZD/USD Struggles at 0.69 Handle, Slips from Day's Highs at 0.6937
- NZD/USD pair is extending its struggle with 0.69 handle into early European trades.
- Upbeat China PMI reports failed to provide a lift to the sentiment around the bird.
- NZD/USD was rejected at day's high by 0.6937, slipped to hit 0.6889 and has now recovered losses to retake the 0.69 handle.
- On the technical side, the pair has closed above strong resistance at 0.6880 on Wednesday's trade, and is currently holding above that level.
- Indicators suggest upside for the pair, we see a bullish 5-DMA crossover on 10-DMA, Stochs and RSI are biased north and momentum positive on the MACD indicator.
- US NFP report due in the NA session will be a major risk event, while the sentiment around the oil and stock markets will also be closely monitored.
- Immediate support lies at 0.6880 (trendline resistance turned support), while resistance is located at 0.6924 (June 25th highs), 0.6937 (session highs), 0.6965 (Mar 30th highs) ahead of 0.70.
The material has been provided by InstaForex Company - www.instaforex.com