NZD/USD: forming a base for monor recovery from 100 dma

NZD/USD is currently paring back gains through the converging 200 and 100 sma's through the mid-point of the 0.67 handle.

NZD/USD found demand on the trade data earlier in the shift with actual $292m vs $60m expected month on month vs $117 prior. From the U.S. shift, the greenback was lifted on good home ales data as noted by analysts at ANZ while manufacturing disappointments were shrugged off. The NZ data today leaves the economy in a better light and should underpin stability in a minor recovery from May lows at 0.6705.

NZD/USD levels

The recovery has tested the 20 sma on the 4hr stick at 0.6755 with the 50 and 55 smas ahead at 0.6769 and 0.6773 as next levels of interest to test the descending resistance line from 3rd and 5th May business at the 0.6920/40 levels. the 100 dma at 0.6718 is a key supporting level.

NZD/USD: high conviction trade, fade 0.6840 - Westpac