New Zealand manufacturing contraction bearish for NZDUSD
New Zealand's manufacturing sector contracted for a third consecutive month. Will the NZDUSD decline?
The price chart on 1-hour timeframe shows NZDUSD: H1 is trading sideways. The price is above the 200-period moving average MA(200) which is rising. And the RSI is rising above 50 level but has not reached the overbought zone yet. There is no trend yet formed, traders have to decide when it would be a best time to enter the market.