NZDUSD weekly top performer

The pair is attempting to break key resistance at 0.6795

New Zealand

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

Happy Trading

More from Forex

Disclaimer: GAIN Capital UK Limited (trading as "Forex.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, Forex.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by Forex.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although Forex.com is not specifically prevented from dealing before providing this material, Forex.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.