CPI Sends NZDUSD to 3-Month High
The New Zealand Consumer Price Index (quarter over quarter) matched forecasts of 0.6% in second quarter 2019 the previous reading was 0.1%. The Consumer Price Index (year over year) also came in line with forecasts of 1.7% in second quarter 2019, from 1.5%.
On technical side the pair is trading at three month and daily high at 0.6730. The pair managed to breach the 200 day moving average yesterday giving the bulls the upper hand. Support for the pair stands at today’s low at 0.6710 and then at 0.6677 the 100 day moving average. On the upside immediate resistance stands at 0.6737 the daily high and if the pair manages to close above it might continue with an attempt to 0.6750. The positive momentum will keep attracting traders a long as the pair holds above the 0.67 mark.Don’t miss a beat! Follow us on Twitter.