#NZDUSD @ 0.63786 prints mild gains on upbeat China data. (Pivot Orderbook analysis)

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• NZD/USD prints mild gains on upbeat China data.
• China Q4 GDP joins Industrial Production, Retail Sales for December to please Kiwi buyers.
• Mixed sentiment, sluggish yields add strength to the recovery moves.

The pair currently trades last at 0.63786.

The previous day high was 0.6427 while the previous day low was 0.6361. The daily 38.2% Fib levels comes at 0.6386, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6402, expected to provide resistance.

NZD/USD renewed its intraday high to 0.6400 on upbeat China data, before retreating to 0.6385 during early Tuesday. Even so, the Kiwi pair prints mild gains while defying the two-day losing streak amid mixed sentiment.

China’s Gross Domestic Product (GDP) for the fourth quarter (Q4) printed 0.0% QoQ figure versus -0.8% expected and 3.9% prior. Further details suggest that the Industrial Production for December grew 1.3% YoY versus 0.5% market forecasts and 2.2% prior readings. Additionally, Retail Sales improved to -1.8% YoY for December compared to -7.8% consensus and -5.9% prior.

Earlier in the day, the New Zealand Institute of Economic Research (NZIER) released its Quarterly Survey of Business Opinion (QSBO) and probed the NZD/USD buyers. The reason could be linked to the lowest business confidence in the Pacific nation since 1974, as per the quarterly survey.

Also read: NZIER QSBO: New Zealand business confidence at lowest since 1974

Elsewhere, the return of full markets restores bearish bias for the US Dollar, after portraying a corrective bounce the previous day, as the US Treasury yields fade the week-start rebound. Even so, the market’s risk appetite remains unclear as the S&P 500 Futures print mild losses as it retreats from the monthly high.

Moving ahead, the second-tier US data like NY Empire State Manufacturing Index for January, expected -4.5 versus -11.2 prior, may entertain NZD/USD pair traders ahead of Wednesday’s US Retail Sales for December, expected 0.1% YoY versus -0.6% prior.

A one-week-old symmetrical triangle restricts immediate NZD/USD moves between 0.6375 and 0.6425.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6392 at the time of writing. Pair opened at 0.638 and is trading with a change of 0.19% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6324, 50 SMA 0.6276, 100 SMA @ 0.6051 and 200 SMA @ 0.6208.

The previous day high was 0.6427 while the previous day low was 0.6361. The daily 38.2% Fib levels comes at 0.6386, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6402, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6351, 0.6323, 0.6285
• Pivot resistance is noted at 0.6417, 0.6455, 0.6484

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