NZDUSD weekly top performer
Gary Christie September 18, 2020 11:02 AM
The pair is attempting to break key resistance at 0.6795
Here is a review of key economic data over the past week:
The Leading Index rose 1.2% on month in August (+1.3% expected), from a revised +2.0% in July.
The University of Michigan's Consumer Sentiment Index spiked to 78.9 on month in the September preliminary reading (75.0 expected), from 74.1 in the August final reading.
Housing Starts declined to 1,416K on month in August (1,488K expected), from a revised 1,492K in July.
Initial Jobless Claims fell to 860K for the week ending September 12th (850K expected), from a revised 893K in the week before. Continuing Claims dropped to 12,628K for the week ending September 5th (13,000K expected), from a revised 13,544K in the previous week.
The Mortgage Bankers Association's Mortgage Applications declined 2.5% for the week ending September 11th, compared to +2.9% in the prior week.
Retail Sales Advance rose 0.6% on month in August (+1.0% expected), compared to a revised +0.9% in July.
Empire Manufacturing jumped to 17.0 on month in September (6.9 expected), from 3.7 in August.
Industrial Production advanced 0.4% on month in August (+1.0% expected), compared to a revised +3.5% in July.
Finally, the Federal Reserve decided to keep the Federal Funds Rate at 0.00% to 0.25%, as expected.
On Monday, no major economic data is expected.
The NZDUSD was the week's best performer with a gain of appx. 1.69%. The pair remains above a prior declining trendline that was acting as resistance. A bullish crossover has been confirmed after the 20-day moving average crossed above the 50 day MA on the 24th of August. Key support remains at 0.6485. Price action is currently testing the 0.6795 resistance level. A break above 0.6795 resistance would pave the way towards the next major resistance level of 0.694.
Source: GAIN Capital, TradingView
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