- NZD/USD edges higher from session lows at 0.6514 after upbeat NZ business confidence data, but lower commodities and a broadly stronger US dollar likely to weigh on the pair
- New Zealand business sentiment continued to improve in November, rising to a six-month high, the survey’s headline measure showed a net 14.6 percent of respondents expected the economy to improve over the year ahead, compared with a 10.5 percent optimism level in the previous poll
- The pair is currently trading at 0.6538, with immediate resistance at 0.6545 (50 % Fibo retracement of 0.6196 – 0.6896 rise)
- Strong resistance for the pair is seen around 0.6555 to 0.6560 region, further bullishness can be seen only on breaks above trendline resistance at 0.6568, pair could then test 0.6628 (38.2 % Fibo retracement of 0.6196 – 0.6896 rise)
- On the downside support is seen at 0.6500 levels, breaks below could take the pair to 0.6428 levels and then to 0.6384
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