New Zealand Dollar remained elevated against the US Dollar, and traded above 0.6750 area.
There is a bullish trend line formed on the hourly chart of the NZDUSD pair, which is acting as a support area in the short term.
Today, the New Zealand Manufacturing sales, released by Statistics New Zealand came in at 1.3% in the fourth quarter of 2015.
In Japan, the Gross Domestic Product released by the Cabinet Office posted a rate of -0.3% in the fourth quarter of 2015, compared with the last reading of -0.4%.
NZDUSD Technical Analysis
The New Zealand Dollar traded higher towards the 0.6810 level against the US dollar until it found sellers for a short term correction. There is a bullish trend line formed on the hourly chart of the NZDUSD pair, which is providing support to the pair and preventing losses.We need to keep a close eye on the highlighted trend line and support area, because a break below it may call for a short-term trend change in the NZDUSD pair.On the upside, the 0.6800 level remains a major hurdle for the bulls. Only a break above the stated level could push the pair towards the 0.6840 level. The hourly RSI is just around the 50 level, which may be a concern for the bulls.
New Zealand Manufacturing sales
Today, the New Zealand Manufacturing sales, which point the changes in the volume of the physical output of the nation's factories, mines and utilities was released by Statistics New Zealand. The outcome was lower compared with the last increase of 3.6% (revised). In the fourth quarter of 2015, the New Zealand Manufacturing sales rose 1.3%.
Japan’s GDP
In Japan, the Gross Domestic Product, which shows the monetary value of all the goods, services and structures produced was released by the Cabinet Office. The outcome was not encouraging as there was a decline in the GDP by 0.3% in the fourth quarter of 2015, better compared with the last decline of 0.4%.Overall, the NZDUSD pair may climb once again as long as it is above the highlighted trend line and support area. A break below it may call for a move towards the 0.6700 support area.
We need to keep a close eye on the highlighted trend line and support area, because a break below it may call for a short-term trend change in the NZDUSD pair.On the upside, the 0.6800 level remains a major hurdle for the bulls. Only a break above the stated level could push the pair towards the 0.6840 level. The hourly RSI is just around the 50 level, which may be a concern for the bulls.