NZD/USD Price Analysis: Kiwi bears approach 0.6000 despite improving NZ Q1 Manufacturing Sales NZDUSD Technical Analysis Macroeconomics ChartPatterns SwingTrading
NZ Q1 Manufacturing Sales improved from prior but slide beneath upbeat forecasts.
In doing so, the Kiwi pair ignores the recently firmer New Zealand data while paying more attention to the previous day’s downside break of a one-weeklong symmetrical triangle. That said, NZ Manufacturing Sales improves to -2.1% in the first quarter of 2023 versus 3.9% expected and -4.7% prior. With this, the quote appears all set to prod the 0.6000 psychological magnet. However, the RSI is below the 50.0 level and hence the yearly low marked in the last week around 0.5985 may offer an opportunity for the counter-trend traders to take the risk.
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