NZD/USD: Supply caps recovery near 0.7285, China data eyed
- DXY rebound caps upside?
- All eyes on China data dump.
The NZD/USD pair is seen consolidating the recovery seen so far this session, as the bulls await the Chinese economic releases for the next push higher.
NZD/USD finds support near 10-DMA of 0.7240
The Kiwi fails to extend its recovery further beyond the daily pivot located at 0.7285, as broad-based US dollar rebound regains poise amid higher Treasury yields and better US industrial figures. The USD index rises +0.11% to hit daily tops of 90.77, fast approaching the 91 handle.
The recovery in the spot remains capped, as it tracks the losses seen in its OZ counterpart Aussie after AUD was hit by mixed Australian jobs data. Australia December employment change beats estimates, jobless rate ticks higher
The major witnessed good two-way businesses a day before, initially having dipped to 0.7235 levels before staging a solid recovery in a bid to clinch fresh four-month tops of 0.7332. However, the bulls failed to sustain the upmove and lost control in the overnight trades.
Markets now eagerly await the Chinese Q4 GDP, industrial production and retail sales figures for fresh near-term trading opportunities.
NZD/USD Technicals
The pair finds next resistances at 0.7315 (4-month tops), at 0.7350 (psychological levels), 0.7391 (classic R3). Meanwhile, the supports are located at 0.7240 (10-DMA), 0.7200 (zero figure) and 0.7174/53 (20 & 200-DMA).