FxWirePro: NZD/USD Closes Bearish Gap After Upbeat CPI Data, Bias Higher
- NZD/USD has been highly volatile at the start of the week. Hit lows of 0.6843 after bearish gap open (around 40 pips lower).
- The pair has closed bearish gap after release of the much awaited CPI data, which beat expectations.
- New Zealand Q1 CPI came at 0.2% q/q vs 0.1% expected and -0.5% last. Year on year came in line with expectations at +0.4% and 0.1% previous.
- Data will alleviate some of the immediate pressures on the Central bank to act at next week's meeting.
- The pair is trading above the 0.69 handle and bias is higher.
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-breaks-strong-resistance-at-06885-good-to-buy-dips-target-06925-195524) has hit target 1.
- The pair finds strong resistance at 0.6925 levels, breaks above 0.6925 could see further upside. For now recommend booking full profits.
The material has been provided by InstaForex Company - www.instaforex.com