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NZD/USD Price Analysis: Nears 0.6480 barrier on generally encouraging China inflation data

Alina Haynes

Dec 09, 2022 15:24

 NZD:USD.png

 

During the four-day upswing, NZD/USD accepts bids to retest the daily high near 0.6410 on Friday morning. As well as the technical breakout, recent advances in the NZD/USD pair may be attributable to China's monthly inflation report.

 

In November, the headline Consumer Price Index (CPI) for China decreased to -0.2% MoM, compared to 0.1% predicted and 0.1% earlier. However, the annual statistics were more robust, coming in at 1.6% as opposed to 1.0% as predicted by the market and 2.2% previously. On the same line, the Producer Price Index (PPI) improved to -1.3% YoY during the specified month, defying predictions of -1.5% and earlier readings of -1.3%.

 

Notable is the NZD/USD pair's extended breach of a two-week-long descending trend line, which combines with a stronger RSI and positive MACD signals to keep buyers seeking the monthly high near 0.6480.

 

If NZD/USD bulls prevail beyond 0.6480, the round number 0.6500 and June's high near 0.6575 may appear on their radars.

 

Alternately, around 0.6355 at the time of writing, the resistance-turned-support line predates the 50-day simple moving average (SMA) at 0.6330 to limit the near-term NZD/USD decline.

 

However, a convergence of the 100-SMA and an upward-sloping trend line from November 21, close to 0.6255, appears to be a difficult nut to crack for the Kiwi pair bears and is the key to their admission.


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