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

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

  • – The New Zealand Dollar is gaining momentum above 0.7300 against the US Dollar.
  • – There is a major bullish trend line forming with support at 0.7310 on the hourly chart of the NZDUSD pair.
  • – Today in New Zealand, the Gross Domestic Product for Q4 2017 was released by the Statistics New Zealand.
  • – The outcome was below the market forecast of 0.7% as there was a rise of 0.6% in the GDP (QoQ).

 

New Zealand Gross Domestic Product

Today in New Zealand, the Gross Domestic Product for Q4 2017 was released by the Statistics New Zealand. The market was looking for a rise of 0.7% in the GDP in Q4 2017 compared with the previous quarter.

 

The actual result was below the market forecast of 0.7% as there was a rise of 0.6% in the GDP. In terms of the yearly change, there was a rise of 2.9% in the GDP, less than the forecast of 3.1%. The report stated:

 

Activity in the service industries rose 1.1 percent, with 10 of the 11 service industries recording increases in the December 2017 quarter. Overall growth in the service industries was led by a 2.3 percent increase in business services, particularly computer system design and related services, and advertising, market research, and management services.

 

The NZD/USD pair is currently remains well supported and it could rise above the 0.7320 level in the near term.

 

NZD/USD Technical Analysis

The New Zealand Dollar recently traded above the 0.7320 level against the US Dollar. The NZD/USD pair traded as high as 0.7354 before starting a downside correction. It moved down and broke the 0.7320 support.

 

However, the downside move was protected by the 0.7300 support and the 100 hourly simple moving average. Moreover, there is a major bullish trend line forming with support at 0.7310 on the hourly chart of the NZDUSD pair.

 

NZD/USD Technical Analysis New Zealand Dollar US Dollar

 

The pair is now recovering and is currently trading above the 23.6% Fib retracement level of the last decline from the 0.7354 high to 0.7303 low. However, it must break the 0.7335 resistance and the 61.8% Fib retracement level of the last decline from the 0.7354 high to 0.7303 low to gain momentum.

 

A break above 0.7335 could push the pair towards 0.7350 and 0.7360. On the downside, the 0.7315 and 0.7310 are important support levels.

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