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NZD/USD has been quite impulsive with the recent bullish gains which lead the price towards 0.6720 area with a view of making more higher highs. While USD has been struggling for gains amid downbeat economic reports, NZD fround support from economic reports during the week that helped NZD to sustain the bullish momentum against USD in the process.
Recently New Zealand GDP report was published with an increase to 1.0% from the previous value of 0.5% which was expected to be at 0.8%. The positive economic result provided the impulsive push to NZD in the process whereas increase of GDP by 100% was very significant and signals clearly further bullish pressure in the pair. Today New Zealand Visitors Arrivals report was also published with an increase to 2.8% from the previous value of 0.7% and Credit Card Spending increased to 7.7% from the previous value of 3.3%. As RBNZ's policy of keeping low interest rates played out very well, the economy awaits further inflation for the economic growth in the future.
On the USD side, mixed economic reports provided certain pressure against NZD at the beginning of the day but it could not sustain due to New Zealand's better economic data in comparison. Today US Flash Manufacturing PMI report is going to be published which is expected to show a slight increase to 55.1 from the previous figure of 54.7 and Flash Services PMI is also expected to increase to 54.9 from the previous figure of 54.8.
Meanwhile, NZD is advantageous to USD. Besides, NZD is expected to continue dominating further against USD in the process. Until the US reveals solid economic reports or events, NZD is expected to continue its advance.
Now let us look at the technical view. The price has retested 0.6600 area today with certain bearish pressure which could not sustain much longer in the process. The price is currently heading towards 0.6720 area while being supported by the long-term Bullish Divergence recently which may lead the price much higher towards 0.6850 area in the future. As the price remains above 0.6600 area with a daily close, the bullish bias is expected to continue.
SUPPORT: 0.6600, 0.6500
RESISTANCE: 0.6720, 0.6850
BIAS: BULLISH
MOMENTUM: IMPULSIVE
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