NZDUSD Daily Outlook – On Monday Saudi Arabia said it will cut oil production by an additional 1 million barrels per day, we found out that the Italian industrial production fell by 28.4% in March, New Zealand business confidence rose in a preliminary May read, and Japan looked to lift emergency declaration in most regions.
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On Tuesday we’ll be looking at the US inflation rate, Australia’s Consumer Confidence Index and New Zealand’s rate decision.
Today I’m looking at the NZD/USD pair which appears to be in a pullback mode after breaking above the daily Ichimoku cloud last week. While the future cloud appears bullish, the 50% Fibonacci retracement level of 0.61 is acting as a strong resistance.
Depending on the rate decision results on Tuesday, the pair can secure its new trend.
If it’s able to break above the resistance level, then the bullish trend is confirmed and we could see further gains towards 0.6259.
Do you think the USD will start getting weaker to make this happen? Head over to the Comments section and let me know.
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