NZD/USD (current price: 0.7295)
The New Zealand Dollar followed international trends all day long on Wednesday. The currency finished on a positive note amid the broad decline in the Dollar in late trading. The Chinese Manufacturing and Non-Manufacturing PMIs were both in line with expectations, leaving the Kiwi unchanged. The pair is trading right at the upper boundary of the declining long-term trend after the recent choppy consolidation. The cross is still well above the flat 200-day Moving Average that is found near 0.71.
Our assessment: NZD/USD is still within the rising short-term trend, despite the recent consolidation. Strong resistance is ahead near 0.7365 with support below at 0.72.
