- NZD/USD edges higher from session lows at 0.7186, bias still bearish.
- The pair has edged higher on stronger kiwi after upbeat China Caxin PMI data lent support.
- China's Feb Caixin manufacturing PMI surprised to the upside, came at 51.6 vs 51.3 expected and 51.5 last.
- Technical indicators are still bearish, we see scope for further weakness.
- The pair finds strong support at 200-DMA at 0.7175, break below to accentuate weakness.
Support levels - 0.7175 (200-DMA), 0.7089 (100-DMA), 0.7030 (61.8% Fib)
Resistance levels - 0.7249 (converged 5 & 50-DMA), 0.7281 (23.6% Fib retrace of 0.6780 to 0.7435 rally), 0.7296 (20-DMA)
Recommendation: Watch out for break below 200-DMA to go short, target 0.7090/ 0.7030.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -19.9002 (Neutral), while Hourly USD Spot Index was at 116.085 (Bullish) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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