NZD/USD rebounded after finding strong support. Now it is trading back higher at 0.7147 versus 0.7115 lower low. The pressure remains high even if the price is located around a major downside obstacle.
The US Dollar Index has decreased again, that's why NZD/USD has managed to rebound and recover after its sell-off. The US is to release the Retail Sales, Core Retail Sales, PPI, Core PPI, Industrial Production, and the Capacity Utilization Rate today.
Better than expected data should boost the DXY (US Dollar Index), this scenario will force the greenback to appreciate.
NZD/USD Continuation Or Reversal!
NZD/USD has come back above the ascending pitchfork's median line (ML). Failing to stay above it could signal that it could drop deeper. It has failed to reach 0.7161 pivot point signaling that the pressure is high.
Jumping and closing above 0.7161 could indicate a strong growth. This scenario could take shape if the US Dollar Index drops further.
Forecast!
Dropping and closing below 0.7122 static support signals a further drop. On the other hand, staying above the ML and closing above 0.7161 could signal potential growth.
