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NZDUSD pushes higher, ignores negative surprise in Trade Balance figures

The NZDUSD pair pushed higher since hitting a low of 0.67682 yesterday and is now testing its trend line resistance shown here as the Blue falling trend line. The line is positioned at 0.68180 and a break higher can test the 0.68500 resistance zone which was used as support in May and resistance in July. The New Zealand Trade Balance came in at -113M last night from an expected 200M with a previous reading of 208M. This led to an initial selloff to support on the pair but is now finding strength and remains supported at 0.67500 followed by 0.66880. A loss of this level can continue the trend lower to 0.66000.The resistance on the move down has created a swing high at 0.70595 which is a key level to break on a retracement higher. Before that level is tested the 0.70000 level can play a significant part in holding price down. A break of the blue line would reverse the trend and this would need to be supported by USD weakness to enable traders to retest 0.71533.

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