- The New Zealand dollar remains in a decent uptrend, but facing crucial resistance near 0.7030.
- There is an ascending channel with support at 0.7000 formed on the hourly chart of NZDUSD, which is currently preventing a downside move.
- Earlier today in China, the hosing price index for March 2017 was released by the National Bureau of Statistics.
- The outcome was mixed, as the hosing price index rose 11.3% in March 2017, a bit less than the last +11.8%.
NZDUSD Technical Analysis
The New Zealand dollar had a good trading session so far, as it remained above the 0.7000 support against the US Dollar. However, the NZDUSD pair seems to be struggling to gain traction above the 0.7030 level, putting it at risk of a downside move.
At the moment, the pair is near an ascending channel with support at 0.7000 on the hourly chart. It is also near the 21 hourly simple moving average and holding 0.7000.
If there is a break and close below 0.7000, there can be an increase in selling pressure, and the pair could head lower towards 0.6970.
China’s Hosing Price Index
Today in China, the hosing price index for March 2017 was released by the National Bureau of Statistics. The forecast was lined up an increase of around 11.5% in March 2017, compared with the last +11.8%.
The result was mixed, as the hosing price index rose 11.3% in March 2017, a bit less than the last +11.8%. In a recent report, the National Bureau of Statistics, stated that the “year-on-year real growth rate of total value added of the industrial enterprises above designated size was 6.8 percent, 1.0 percentage point faster than that of the same period last year, 0.8 percentage point faster than the whole of last year”.
Overall, the market sentiment is slowing shifting gears, which means there is a chance of NZDUSD breaking 0.7000 and moving down.