NZD/USD Climbs On Better-Than-Expected New Zealand Trade Balance
The kiwi gained as New Zealand trade balance data coming out late on Tuesday showed exports, which drive 30% of New Zealand’s gross domestic product (GDP), rose by $166 million or 1.5% to $4.3 billion in April. Imports also witnessed a rise of $58 million or 1.5% to $4 billion in the same period. The dollar also rose as surprisingly strong data on U.S. new home sales in April supported the view that the economy may be strong enough for the Fed to raise interest rates as early as June. On the hourly chart, the pair is climbing fast to $0.67601. The green arrow and SAR dots have been moving under the price line since the market opening. This helps confirm the uptrend. ADX is 25.70, with DI+ staying above DI, further supporting the bullish direction. NZD/USD is expected to test the resistance at 0.67761.
Buy at 0.67601, ST at 0.67468, TP at 0.67761