NZD/USD Forecast – New Zealand Dollar In Major Downtrend Vs US Dollar

NZD/USD Forecast – New Zealand Dollar In Major Downtrend Vs US Dollar

  • – The New Zealand Dollar is under a lot of pressure and is currently below 0.7200 against the US Dollar.
  • – There is a crucial bearish trend line forming with resistance at 0.7140 on the hourly chart of the NZDUSD pair.
  • – Today in New Zealand, the Visitor Arrivals report for March 2018 was released by the Statistics New Zealand.
  • – The outcome was above the market forecast of +12% as the Visitor Arrivals rose 13% in March 2018.

 

New Zealand Visitor Arrivals

Today in New Zealand, the Visitor Arrivals report for March 2018 was released by the Statistics New Zealand. The market was looking for a rise of around 12% in Visitor arrivals in March 2018, more than the last 11.4%.

 

The actual result was above the market forecast of +12% as the Visitor Arrivals rose 13% in March 2018. Looking at the yearly change in March 2018, the visitor arrivals numbered 3.82 million, which was 8% more to 276,200.

 

However, the NZD/USD pair remains in a major downtrend below the 0.7200 pivot level, and it could decline further.

 

NZD/USD Technical Analysis

The New Zealand Dollar started a major downside move from well above 0.7300 against the US Dollar. The NZD/USD pair tumbled, declined below the 0.7300 and 0.7200 supports levels, and is currently trading well below the 100 hourly simple moving average.

 

The pair traded close to the 0.7100 level and formed a low at 0.7114. At the moment, the pair is consolidating losses above 0.7100 with an initial resistance around the 23.6% Fib retracement level of the last drop from the 0.7208 high to 0.7114 low.

 

NZD/USD Technical Analysis New Zealand Dollar US Dollar

 

More importantly, there is a crucial bearish trend line forming with resistance at 0.7140 on the hourly chart of the NZDUSD pair. The trend line resistance is close to the 38.2% Fib retracement level of the last drop from the 0.7208 high to 0.7114 low.

 

Therefore, if the pair corrects higher from the current levels, it may face sellers near the 0.7150 level. On the downside, break below 0.7114 could open the doors for a break below 0.7100 in the near term.


Also published on Medium.

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