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  • NZD/USD Forecast – New Zealand Dollar Facing Major Resistance Vs US Dollar

    NZD/USD Forecast – New Zealand Dollar Facing Major Resistance Vs US Dollar

    • – The New Zealand Dollar faced a lot of sellers near the 0.7340-50 resistance against the US Dollar.
    • – There is a major bearish trend line forming with resistance at 0.7350 on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, the Employment Change report for Q4 2017 was released by the Statistics New Zealand.
    • – The outcome was above the market forecast of 0.2% as there was a change of 0.5%, but less than the last 2.2%.

     

    New Zealand Employment Change

    Today in New Zealand, the Employment Change report for Q4 2017 was released by the Statistics New Zealand. The market was looking for a change of 0.2% in Q4 217 compared with the last change of 2.2%.

     

    The actual result was above the market forecast of 0.2% as there was a change of 0.5%, but less than the last 2.2%. The unemployment rate dropped from the last reading of 4.6% to 4.5%. The report added that:

     

    The unemployment rate for the December 2017 quarter remains considerably above New Zealand’s lowest unemployment rate, which was 3.3 percent, recorded a decade ago in the December 2007 quarter, immediately before the global financial crisis.

     

    The NZD/USD pair failed to move above the 0.7340 and 0.7350 resistance levels, and started a downside move.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar started a fresh upside wave from the 0.7256 low against the US Dollar. The NZD/USD pair traded above the 0.7280 and 0.7300 resistance levels to gain decent upside momentum.

     

    NZD/USD Technical Analysis, New Zealand Dollar US Dollar

     

    The pair even moved above the 38.2% Fib retracement level of the last decline from the 0.7405 high to 0.7256 low. However, the upside move was capped by a major bearish trend line with resistance at 0.7350 on the hourly chart.

     

    Moreover, the 61.8% Fib retracement level of the last decline from the 0.7405 high to 0.7256 low also acted as a resistance and prevented gains above the 0.7350 level. The pair is once again moving lower and is currently trading below the 0.7320 level.

     

    If the pair fails to move higher above the 0.7340 and 0.7350 resistance levels, it remains at a risk of more declines below the 0.7300 level and towards 0.7260.

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  • NZDUSD – New Zealand Dollar Remains In Uptrend Vs US Dollar

    NZDUSD – New Zealand Dollar Remains In Uptrend Vs US Dollar

    • The New Zealand dollar moved higher versus the US Dollar and traded with a positive bias.
    • The New Zealand Employment Change released by the Statistics New Zealand earlier this week posted a positive change of 2.4% in Q2 2016, more than expected.
    • Today, the Visitor Arrivals figure was released, which posted an increase of 14.4% in July 2016.

     

    New Zealand Fundamentals

    This week was positive for New Zealand in terms of fundamentals. There were a few important releases, which registered a better than expected results. The most important one was the Employment Change figure by the Statistics New Zealand.

     

    The market was expecting the change in the number of employed people in New Zealand to register +0.6%. However, it came in at 2.4%. The highlight of the release was the unemployment rate, which declined to 5.1%

     

    Today, the Visitor Arrivals, which measures the number of visitors to New Zealand was released by the Statistics New Zealand.

     

    The result was again above the forecast, as there was an increase of 14.4% in July 2016. The report added that “Visitor arrivals numbered 237,900 in July 2016, setting a new July record. The Visitor arrivals were up 14 percent from July 2015, due mainly to a 21 percent increase in holiday arrivals”.

     

    NZDUSD Pair Analysis

    The economic reports in New Zealand helped the Kiwi dollar to gain traction. It was seen trading in an uptrend versus the US Dollar this week. There is a monster bullish trend line formed on the 4-hours chart of the NZDUSD pair, which acted as a support and stopped the downside move.

     

    NZDUSD Pair Analysis

     

    On the upside, the 0.7310-30 levels are acting as a major barrier for more gains. There were two attempts already to break it, but the bulls failed.

     

    However, the range area between the trend line support and resistance is contracting, which may result in a break going forward. If the buyers managed to break the highlighted resistance area, then it would open the doors more gains in the near term towards 0.7380.

     

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