NZD/USD Forecast – New Zealand In Uptrend Above 0.7230 Vs US Dollar

NZD/USD Forecast – New Zealand In Uptrend Above 0.7230 Vs US Dollar

  • – The New Zealand Dollar remains in a solid uptrend above the 0.7230 level against the US Dollar.
  • – There is a major bullish trend line with support at 0.7235 forming on the hourly chart of the NZDUSD pair.
  • – Today in New Zealand, the Building Permits report for July 2017 was released by the Statistics New Zealand.
  • – The outcome was above the forecast of -1%, as the Building Permits declined only -0.7% (MoM).

 

New Zealand Building Permits

Today in New Zealand, the Building Permits report for July 2017 was released by the Statistics New Zealand. The market was aligned for a decrease of around 1% in the Building Permits compared with the previous month.

 

The actual result was above the forecast of -1%, as the Building Permits declined only -0.7%. On the other hand, the last reading was revised up from -1% to -1.3%. The actual number of new homes consented were down by more than 1.5% in July 2017 to 2,762 compared with the same month a year ago. Commenting on the same, the construction statistics manager, Melissa McKenzie, stated:

July’s fall was driven by the number of consented apartments, townhouses, and retirement units, which fluctuates from month to month.

 

Overall, the NZD/USD pair was not affected much and likely to continue moving higher towards the 0.7280 level.

 

NZD/USD Technical Analysis

The New Zealand Dollar maintained a decent bullish bias after trading as low as 0.7195 against the US Dollar. The NZD/USD pair started a decent trend from the 0.7200 handle and moved above the 0.7220 resistance and the 100 hourly simple moving average.

 

NZD/USD Technical Analysis New Zealand Dollar US Dollar

 

The pair recently dipped and tested a major bullish trend line with support at 0.7235 on the hourly chart. The trend line support at 0.7235 is also positioned with the 100 hourly simple moving average. Therefore, it a major support zone with buy walls near 0.7230.

 

The pair is moving back higher and already traded above the 50% Fib retracement level of the last decline from the 0.7298 high to 0.7230 low.

 

The overall trend is positive and the pair may soon test the 76.4% Fib retracement level of the last decline from the 0.7298 high to 0.7230 low or even break it for a test of 0.7295 in the near term.

Tags: , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry