NZD/USD Forecast – New Zealand Facing Crucial Hurdle Near 0.7335

NZD/USD Forecast – New Zealand Facing Crucial Hurdle Near 0.7335

  • – The New Zealand Dollar is trading below a major resistance zone near 0.7330-40 against the US Dollar.
  • – There is a key bullish trend line with support at 0.7310 forming on the hourly chart of the NZDUSD pair.
  • – Today in New Zealand, the Visitor Arrivals for July 2017 was released by the Statistics New Zealand.
  • – The outcome was below the forecast of 8%, as the Visitor Arrivals increased by 3.8% (YoY).

New Zealand Visitor Arrivals

Today in New Zealand, the Visitor Arrivals for July 2017 was released by the Statistics New Zealand. The market was aligned for a rise of around 8% in the visitor arrivals compared with the same month a year ago.

 

The actual result was below the forecast of 8%, as the Visitor Arrivals increased by 3.8%. In July, the number of Migrant arrivals were 132,100, which is a new high. Moreover, the number of migrant departures were 59,700 in the year ended July 2017. Commenting on the same, the population statistics senior manager, Peter Dolan, stated:

Most migrants currently arrive in New Zealand on short-term work and student visas. However, it’s how long they stay in New Zealand, not their visa type, which affects whether they are counted as long-term migrants or short-term visitors.

 

Overall, the NZD/USD pair may make another attempt to break the 0.7340 resistance and could even surpass it.

NZD/USD Technical Analysis

The New Zealand Dollar remains in an uptrend above 0.7250 against the US Dollar. However, the NZD/USD pair is struggling to break an important resistance near 0.7330-40, which acted as a barrier on more than two occasions.

 NZD/USD Technical Analysis New Zealand Dollar US Dollar

The pair recently failed to break 0.7335 and declined towards 0.7300. There is a key bullish trend line with support at 0.7310 forming on the hourly chart of the NZDUSD pair, which protected the downside move and held losses.

 

Moreover, the pair also found support near the 50% Fib retracement level of the last wave from the 0.7275 low to 0.7335 high. It is a positive sign and means the pair could make another attempt to break 0.7340 in the near term.

 

Overall, the trend is positive for NZD/USD and buying dips near the trend line support or 0.7300 can be considered with a stop of around 10-15 pips in the short term.

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