NZD/USD Forecast – New Zealand Dips Supported Near 0.7300 Vs US Dollar

NZD/USD Forecast – New Zealand Dips Supported Near 0.7300 Vs US Dollar

  • – The New Zealand Dollar climbed towards 0.7340 where it faces sellers against the US Dollar.
  • – There are two important bullish trend lines forming with support near 0.7300 and 0.7285 on the hourly chart of the NZDUSD pair.
  • – Today in New Zealand, the Current Account figure for Q2 2017 was released by the Statistics New Zealand.
  • – The outcome was better than the forecast of $-0.875B, as there was a trade deficit of $-0.620B.

 

New Zealand Current Account

Today in New Zealand, the Current Account figure for Q2 2017 was released by the Statistics New Zealand. The market was aligned for a trade deficit of $-0.875B compared with the last surplus of $0.221B.

 

The actual result was better than the forecast of $-0.875B, as there was a trade deficit of $-0.620B. Looking at the Current Account – GDP Ratio, there was a decrease of 2.8% in Q2 2017, which was less than the forecast of -3%. The report added that:

 

New Zealand exported a record $5.8 billion worth of services in the June quarter, seasonally adjusted, while importing a record $4.5 billion worth of services.

 

Overall, the NZD/USD pair might correct a few pips lower towards 0.7285, but it remains supported on the downside.

 

NZD/USD Technical Analysis

The New Zealand Dollar was able to climb higher this week and traded above the 0.7300 level against the US Dollar. The NZD/USD pair traded as high 0.7341 where it faced offers and then started a short-term correction.

 

NZD/USD Technical Analysis New Zealand Dollar US Dollar

 

The pair traded recently traded below the 23.6% Fib retracement level of the last wave from the 0.7247 low to 0.7341 high. On the downside, there are two important bullish trend lines forming with support near 0.7300 and 0.7285 on the hourly chart.

 

The first trend line is very important near 0.7300 since it is just above the 50% Fib retracement level of the last wave from the 0.7247 low to 0.7341 high.

 

The second trend line support at 0.7285 is also crucial since the 100 hourly simple moving average is positioned around 0.7275. Overall, the pair remains supported on dips towards 0.7300-0.7285. On the upside, the recent high near 0.7340 is a major resistance zone for further gains.

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