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NZD/USD: 200-day MA hurdle cleared ahead of China data

  • The NZD/USD pair cleared the 200-day MA resistance on Friday.
  • Benign US inflation data released on Friday reaffirmed dovish Fed expectations.
  • A drop in China's trade surplus with the US could put a strong bid under the NZD.

The NZD/USD has cleared the 200-day moving average (DMA) hurdle ahead of the China trade data release.

Notably, the currency pair saw its first daily close above the long-term MA for four weeks on Friday, as the sharp gains in the offshore Chinese yuan (CNH) triggered a broad-based sell-off in the USD.

Further, benign US inflation data reaffirmed expectations that the Fed would rein in rate hikes and helped the NZD/USD pair convincingly cross the 200-day MA resistance.

The bullish breakout has shifted focus to the next resistance lined up at 0.6880 (Dec. 12 high). That level could be put to test later today if China trade data shows a drop in surplus with the world's largest economy. Moreover, that would allay trade war fears.

NZD/USD Technical Levels

NZD/USD

Overview:
    Today Last Price: 0.6825
    Today Daily change: -5.0 pips
    Today Daily change %: -0.0732%
    Today Daily Open: 0.683
Trends:
    Previous Daily SMA20: 0.6747
    Previous Daily SMA50: 0.679
    Previous Daily SMA100: 0.6683
    Previous Daily SMA200: 0.6796
Levels:
    Previous Daily High: 0.6845
    Previous Daily Low: 0.6777
    Previous Weekly High: 0.6845
    Previous Weekly Low: 0.6707
    Previous Monthly High: 0.697
    Previous Monthly Low: 0.6686
    Previous Daily Fibonacci 38.2%: 0.6819
    Previous Daily Fibonacci 61.8%: 0.6803
    Previous Daily Pivot Point S1: 0.679
    Previous Daily Pivot Point S2: 0.6749
    Previous Daily Pivot Point S3: 0.6722
    Previous Daily Pivot Point R1: 0.6858
    Previous Daily Pivot Point R2: 0.6885
    Previous Daily Pivot Point R3: 0.6926

 

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