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  • NZD/USD Forecast – New Zealand Dollar Breaks Key Resistance Vs US Dollar

    NZD/USD Forecast – New Zealand Dollar Breaks Key Resistance Vs US Dollar

    • – The New Zealand Dollar made a nice upside move from the 0.6820 swing low against the US Dollar.
    • – There was a break above a key bearish trend line with resistance at 0.6860 on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, the Electronic Card Retail Sales for Nov 2017 was reported by Statistics New Zealand.
    • – The outcome was above the market forecast of +2.5% as there was an increase of 4.3% in sales (YoY).

     

    New Zealand Electronic Card Retail Sales

    Today in New Zealand, Electronic Card Retail Sales for Nov 2017 was reported by Statistics New Zealand. The market was looking for a rise of around 1% in sales in Nov 2017 compared with the previous month.

     

    The actual result was above the market forecast of +1% as there was an increase of 1.2% in sales (MoM). This was also better than the last revised reading of +0.5%. In terms of the yearly change. There was an increase of 4.3%, which was better than the last +1.3%. The report added that:

     

    Core retail spending (which excludes the vehicle-related industries) rose 0.8 percent in November 2017, after a 0.5 percent rise in October 2017.

     

    Overall, the NZD/USD pair remains in the bullish zone above 0.6860 and is eyeing more gains in the near term.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar after declining towards the 0.6820 level against the US Dollar found support and made a nice upside move. The NZD/USD pair traded above the 0.6850 resistance and managed to settle above the 100 hourly simple moving average.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    During the upside move, there was a break above a key bearish trend line with resistance at 0.6860 on the hourly chart. The pair traded as high as 0.6905 and is currently correcting lower. An initial support is near the 23.6% Fib retracement level of the last wave from the 0.6822 low to 0.6905 high.

     

    However, the most important support is around 0.6860 and the 100 hourly SMA. The mentioned 0.6860 level was a resistance earlier and now it might act as a support. It also coincides with the 50% Fib retracement level of the last wave from the 0.6822 low to 0.6905 high.

     

    Therefore, buying dips in the short term towards 0.6860 might be considered with a stop on a close below the 100 hourly SMA.

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

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

    • – The New Zealand Dollar made a short term top near 0.6940-50 against the US Dollar.
    • – There was a break below a key bullish trend line with support at 0.6880 on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, the Building Permits report for Oct 2017 was released by the Statistics New Zealand.
    • – The outcome was below the market forecast of -4% as there was a decline in the Building Permits by 9.6%.

     

    New Zealand Building Permits

    Today in New Zealand, the Building Permits report for Oct 2017 was released by the Statistics New Zealand. The market was looking for a decline of 4% in Oct 2017 compared with the previous month.

     

    The actual result was below the market forecast of -4% as there was a decline in the Building Permits by 9.6%. This was also a lot worse than the last revised decrease of 2.5%. The report added that:

     

    The seasonally adjusted number of new homes consented fell 9.6 percent (after a 2.5 percent fall in September). For houses only, the seasonally adjusted number fell 2.9 percent (after a 2.0 percent fall in September). Apartments drove the fall in new homes consented in October.

     

    Overall, the NZD/USD pair might correct a few pips in the near term, but upsides are likely be capped by the 0.6865-0.6880 levels.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar after a decent upside move toward 0.6950 found sellers against the US Dollar. The NZD/USD pair started a downside move, declined below the 0.6900 handle and settled below the 100 hourly simple moving average.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    During the downside move, there was a break below a key bullish trend line with support at 0.6880 on the hourly chart. The pair traded as low as 0.6832 and is currently correcting higher. An initial resistance is around the 23.6% Fib retracement level of the last decline from the 0.6929 high to 0.6832 low.

     

    However, the broken support near 0.6865-0.6880 will most likely act as a major hurdle on the upside. Moreover, the 50% Fib retracement level of the last decline from the 0.6929 high to 0.6832 low is at 0.6880 to act as a resistance.

     

    Overall, if the pair continues to correct higher, then it will most likely face resistances near 0.6865 and 0.6880.

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  • NZD/USD Forecast – New Zealand Dollar Remains Sell on Rallies Vs US Dollar

    NZD/USD Forecast – New Zealand Dollar Remains Sell on Rallies Vs US Dollar

    • – The New Zealand Dollar declined recently and traded below 0.6800 against the US Dollar.
    • – There are two bearish trend lines forming with resistance at 0.6845 on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, the Food Price Index (FPI) for Oct 2017 was released by the Statistics New Zealand.
    • – The outcome was below the market forecast of -1% as there was a decline in the index by 1.1%.

     

    New Zealand Food Price Index

    Today in New Zealand, the Food Price Index (FPI) for Oct 2017 was released by the Statistics New Zealand. The market was looking for a decline of 1% in Oct 2017 compared with the previous month.

     

    The actual result was below the market forecast of -1% as there was a decline in the index by 1.1%. This was also well above the last decline of 0.2%. The report added that:

     

    Butter prices led the way again – up 62 percent from the same time last year. Milk and cheese prices also increased (up 7.5 and 12 percent respectively) and had large contributions to the increase in food prices seen in the year to October 2017.

     

    Overall, the NZD/USD pair is likely to correct higher in the near term, but it might face sellers near 0.6840-50.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar started a downside move from the 0.6980 resistance against the US Dollar. The NZD/USD pair declined heavily, traded below the 0.6900 and 0.6800 levels, and also settled below the 100 hourly simple moving average.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    The pair traded as low as 0.6780 and it is currently correcting higher. It is trading near the 23.6% Fib retracement level of the last decline from the 0.6882 high to 0.6780 low. On the upside, there are two bearish trend lines forming with resistance at 0.6845 on the hourly chart.

     

    Moreover, the 50% Fib retracement level of the last decline from the 0.6882 high to 0.6780 low near 0.6830 is also a major resistance for buyers in the short term.

     

    Overall, if the pair continues to move higher, then it will most likely face sellers near the 0.7830 and 0.7845 resistance levels.

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  • NZD/USD Forecast – New Zealand Dollar Gains Vs US Dollar After RBNZ

    NZD/USD Forecast – New Zealand Dollar Gains Vs US Dollar After RBNZ

    • – The New Zealand Dollar is gaining upside momentum above 0.6950 against the US Dollar.
    • – There is a key bullish trend line forming with support at 0.6920 on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, the RBNZ Interest Rate Decision Nov 2017 was announced by the Reserve Bank of New Zealand.
    • – The outcome was around the market forecast, as there was no change in rates in Nov 2017 from 1.75%.

     

    RBNZ Interest Rate Decision

    Today in New Zealand, the RBNZ Interest Rate Decision Nov 2017 was announced by the Reserve Bank of New Zealand. The market was looking for no change in rates in Nov 2017 from 1.75%.

     

    The actual result was in line with the market forecast of 1.75%. There was also a slight less dovish tone this time by the central bank in November’s statement. The statement added that:

     

    GDP in the June quarter grew broadly in line with expectations, following relative weakness in the previous two quarters. Employment growth has been strong and GDP growth is projected to strengthen, with a weaker outlook for housing and construction offset by accommodative monetary policy, the continued high terms of trade, and increased fiscal stimulus.

     

    Overall, the NZD/USD pair might continue to gain pace and it could even trade towards 0.7000 in the near term.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar after forming a bottom around the 0.6880-0.6890 levels against the US Dollar started an upside move. The NZD/USD pair traded higher and was able to settle above the 0.6920 resistance and the 100 hourly simple moving average.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    At the moment, the pair is attempting a close above a major resistance area near 0.6950. Should there be a close above 0.6950, there can be an upside move toward 0.7000. On the downside, there is a key bullish trend line forming with support at 0.6920 on the hourly chart.

     

    Moreover, the 38.2% Fib retracement level of the last wave from the 0.6890 low to 0.6973 high would also act as a support in the near term, and can be seen as a buy zone above 0.6940.

     

    Overall, the pair remains in an uptrend and it is likely to gain further momentum above the 0.6970 level in the near term.

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  • NZD/USD Forecast – New Zealand Upsides Remain Limited Vs US Dollar

    NZD/USD Forecast – New Zealand Upsides Remain Limited Vs US Dollar

    • – The New Zealand Dollar is under heavy selling pressure and moved below 0.7000 against the US Dollar.
    • – The NZDUSDF pair is currently attempting an upside break above the 0.6900 on the hourly chart.
    • – Today in New Zealand, the Trade Balance report for Sep 2017 was released by the Statistics New Zealand.
    • – The outcome was below the forecast of $-900M, as there was a trade deficit of $-1,143M (MoM).

     

    New Zealand Trade Balance

    Today in New Zealand, the Trade Balance report for Sep 2017 was released by the Statistics New Zealand. The market was looking for a trade deficit of $-900M compared with the previous month.

     

    The actual result was below the forecast of $-900M, as there was a trade deficit of $-1,143M. Looking at the yearly change, the market was looking for a trade deficit of $-2.706B, but it came in at $-2.910B. The report added that:

     

    Milk powder, butter, and cheese exports rose $175 million in September 2017 to reach $791 million, up 28 percent on the same month last year. Overall goods exports rose $313 million (9.0 percent) to $3.8 billion, mainly driven by milk powder, butter, and cheese.

     

    Overall, the NZD/USD pair might continue to face sellers in the near term towards 0.6900 and 0.6920.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar remains in a major downtrend from the 0.7180 swing high against the US Dollar. The NZD/USD pair started a downside wave and broke a few important supports such as 0.7120, 0.7050 and 0.7000.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    The pair even traded below the 0.6940 support and settled below the 100 hourly simple moving average. A low was formed recently at 0.6860 from where the pair is currently attempting an upside correction.

     

    An initial resistance is around the 23.6% Fib retracement level of the last decline from the 0.7003 high to 0.6860 low. At present, it seems like the pair is attempting an upside break above the 0.6900 on the hourly chart. It might fail to gain traction above 0.6920 and the 50% Fib retracement level of the last decline from the 0.7003 high to 0.6860 low.

     

    Overall, the pair remains in a downtrend and remains sell on rallies close to the 0.6920 level in the near term.

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  • NZD/USD Forecast – New Zealand Moved Back In Bullish Zone Vs US Dollar?

    NZD/USD Forecast – New Zealand Moved Back In Bullish Zone Vs US Dollar?

    • – The New Zealand Dollar after consolidating above the 0.7055-60 support against the US Dollar started an upside move.
    • – There was a break above a major bearish trend line with resistance at 0.7075 on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, the Food Price Index (FPI) for Sep 2017 was released by the Statistics New Zealand.
    • – The outcome was below the forecast of 0.5%, as there was a decline in the index by 0.2% (MoM).

     

    New Zealand Food Price Index

    Today in New Zealand, the Food Price Index (FPI) for Sep 2017 was released by the Statistics New Zealand. The market was looking for an increase of around 0.5% in the index compared with the previous month.

     

    The actual result was below the forecast of 0.5%, as there was a decline in the index by 0.2%. It was disappointing compared with the last increase of +0.6%. The report added that:

     

    The average price of $5.39 for a cheapest available 500g block was up 51 cents on July and up $2.07 (62 percent) on August 2016. The annual butter price increase is the largest in percentage terms since 2010.

     

    Overall, the NZD/USD pair might extend the recent gains if buyers are able to push the pair above the 0.7120 resistance.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar after a sharp decline from the 0.7200-0.7210 swing high against the US Dollar found support above 0.70501. The NZD/USD pair consolidated for some time above the 0.7055-60 support before forming a base for an upside move.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    The pair started trading higher and broke a major bearish trend line with resistance at 0.7075 on the hourly chart. Buyers also succeeded in clearing the 100 hourly simple moving average and the 23.6% Fib retracement level of the last decline from the 0.7204 high to 0.7056 low.

     

    At the moment, the pair is trading near a connecting resistance trend line at 0.7115, which is close to the 38.2% Fib retracement level of the last decline from the 0.7204 high to 0.7056 low.

     

    A successful close above the trend line resistance and 0.7120 would open the doors for more gains in the near term, probably towards 0.7150-60.

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  • NZD/USD Forecast – New Zealand To Extend Declines Vs US Dollar

    NZD/USD Forecast – New Zealand To Extend Declines Vs US Dollar

    • – The New Zealand Dollar is under a lot of pressure and moved below 0.7240 against the US Dollar.
    • – There is a major bearish trend line forming with resistance at 0.7210 on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, the RBNZ Interest Rate Decision (Sep 2017) was announced by the Reserve Bank of New Zealand.
    • – The outcome was in line with the forecast of 1.75%, as there was no change in the interest rates.

     

    RBNZ Interest Rate Decision

    Today in New Zealand, the RBNZ Interest Rate Decision (Sep 2017) was announced by the Reserve Bank of New Zealand. The market was not expecting any change in the interest rates from 1.75%.

     

    The actual result was in line with the forecast of 1.75%, as there was no change in the interest rates. The rate statement mentioned that the GDP in the second quarter of 2017 was in line with expectations, and the annual CPI remains in the target range despite of a minor decline in Q2 2017. The report added that:

     

    House price inflation continues to moderate due to loan-to-value ratio restrictions, affordability constraints, and a tightening in credit conditions. The trade-weighted exchange rate has eased slightly since the August Statement. A lower New Zealand dollar would help to increase tradables inflation and deliver more balanced growth.

     

    Overall, the NZD/USD pair might remain under bearish pressure and could even break the 0.7160 support in the near term.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar started a major downside move from the 0.7340-40 levels against the US Dollar. The NZD/USD pair traded below a couple of important support levels such as 0.7300 and 0.7250.

     

    NZD/USD Technical Analysis New Zealand Dollar  US Dollar

     

    The pair is now well below the 0.7240 support and the 100 hourly simple moving average. It traded as low as 0.7167 and later started correcting higher. It traded above the 23.6% Fib retracement level of the last decline from the 0.7343 high to 0.7167 low.

     

    However, the upside move was protected by a major bearish trend line with current resistance at 0.7210 on the hourly chart. Moreover, the 38.2% Fib retracement level of the last decline from the 0.7343 high to 0.7167 low also acted as a hurdle for buyers.

     

    Overall, the pair remains in a downtrend and it might soon attempt a break of the recent low at 0.7167 for a move towards 0.7140.

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  • 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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  • NZD/USD Forecast – New Zealand To Retest 0.7150 Vs US Dollar?

    NZD/USD Forecast – New Zealand To Retest 0.7150 Vs US Dollar?

    • – The New Zealand Dollar made a short-term top near 0.7336 against the US Dollar.
    • – There was a break below a key trend line with support at 0.7270 on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, Electronic Card Retail Sales for August 2017 were reported by Statistics New Zealand.
    • – The outcome was better than the forecast, as there was a decline in sales by 0.2% (MoM).

     

    New Zealand Electronic Card Retail Sales

    Today in New Zealand, Electronic Card Retail Sales for August 2017 were reported by Statistics New Zealand. The market was aligned for a decrease of around 0.5% in the Card sales compared with the previous month.

     

    The actual result was better than the forecast, as there was a decline in sales by 0.2%, which was better than the last revised -0.6%. In terms of the yearly change, there was a rise of 4.4% in August 2017, which was a lot better than the last +2%. The report added that:

     

    Spending rose in four of the six retail industries. The largest movement was in the consumables industry, up $3.3 million (0.2 percent). The consumables industry includes grocery and liquor retailing.

     

    Overall, the NZD/USD pair might correct a few pips higher, but most likely to face sellers near 0.7260 in the near term.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar climbed nicely this past week and moved above the 0.7310 resistance against the US Dollar. The NZD/USD pair traded as high 0.7336 where sellers appeared, and later the pair started a downside correction.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    The pair traded below the 38.2% Fib retracement level of the last wave from the 0.7171 low to 0.7336 high. There was also a break below a key trend line with support at 0.7270 on the hourly chart, taking the pair towards the 0.7220 level.

     

    However, the downside move was protected by the 100 hourly simple moving average and the 61.8% Fib retracement level of the last wave from the 0.7171 low to 0.7336 high.

     

    The pair is currently recovering, but the broken support at 0.7260 is likely to act as a resistance on the upside. Moreover, there is a bearish trend line at 0.7255 to act as a sell zone in the near term.

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  • 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.

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