The NZD/USD pair advances to 0.6185 in Monday’s American session as the United States (US) Institute of Supply Management (ISM) has reported a weak Manufacturing PMI report for May.
NZD/USD jumps to 0.6815 after downbeat US ISM Manufacturing PMI report. Weak factory activity report dents the US Dollar’s appeal. The RBNZ is less likely to return to the policy normalization process this year. The NZD/USD pair advances to 0.6185 in Monday’s American session as the United States Institute of Supply Management has reported a weak Manufacturing PMI report for May. The agency reported that the Manufacturing PMI , which gauges the factory activity, surprisingly declines to 48.
NZD/USD attempts to break the Bullish Flag chart formation in a four-hour timeframe, which exhibits an inventory adjustment process between institutional investors and retail participants. This pattern indicates a consolidation after a sharp upside move and it generally breaks towards the direction of the trend, which in this is upwards. The 50-period Exponential Moving Average near 0.6126 continues to provide support to the New Zealand Dollar bulls.
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