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Long

NZD/USD breaks strong resistance at 0.6885, target 0.6925

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
241 1 7
NZD/USD             ends two consecutive sessions of declines as Kiwi continues to recover ground largely on the back of upbeat Chinese data.

Chinese macro updates came in positive, with the GDP figures meeting expectations, while the industrial production, retail sales and fixed asset data outpacing estimates.

Renewed risk-on wave in the markets on positive data supporting the higher-yielding currencies.

Moreover, price action in oil             highly dominates the resource-linked NZD, and profit-taking on the NZD shorts ahead of the weekend’s oil             producers’ meet in Doha also adds support.

On the Technical side, the pair has broken strong trendline resistance at 0.6885 on the 2-hourly charts.

Momentum studies are bullish , with immediate support and resistance at 0.6876 (2H 5-SMA) and 0.6920 ( Apr             14th highs).

On the data front, focus will be on the US macro updates due later today for fresh cues on the USD moves.

Good to buy dips around 0.6885/90, SL: 0.6840. TP: 0.6920/0.6940
Trade closed: target reached: Targets 1 hit. Huge volatility post Doha talks failure.

Pair has hit highs of 0.6930 and is trading around 0.6923 at the time of writing.

The pair has closed bearish gap after release of the much awaited CPI data, which beat expectations.

Book full profits.
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