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  • NZD/USD Forecast – New Zealand Dollar to Decline Further Vs US Dollar

    NZD/USD Forecast – New Zealand Dollar to Decline Further Vs US Dollar

    • – The New Zealand Dollar struggled to move above the 0.7020 level and moved down against the US Dollar.
    • – There is a descending channel forming with current support at 0.6955 on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, the Trade balance report for Nov 2017 was released by Statistics New Zealand.
    • – The outcome was below the market forecast of $-2.700B as there was a trade deficit of $-3.444B (YoY).

     

    New Zealand Trade Balance

    Today in New Zealand, the Trade balance report for Nov 2017 was released by Statistics New Zealand. The market was looking for a trade deficit of $-2.700B compared with the same month a year ago.

     

    The actual result was below the market forecast of $-2.700B as there was a trade deficit of $-3.444B. The Imports of goods and services in Nov 2017 came in at $5.82B, better than the forecast of $5.10B. Moreover, the Exports of goods and services in Nov 2017 came in at $4.63B, better than the forecast of $4.61B.

     

    Overall, the NZD/USD pair is currently under a bearish pressure and is struggling to hold the 0.6950-55 support area.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar was seen trading with a positive bias above the 0.7000 level against the US Dollar. However, the NZD/USD pair failed to move above the 0.7030 resistance area and later started a downside move below the 100 hourly simple moving average.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    The pair declined and moved below the 0.7000 and 0.6980 support levels. The decline was protected by the 0.6950 support area and it seems like there is a descending channel forming with current support at 0.6955 on the hourly chart.

     

    The channel support is currently holding losses in NZD/USD below 0.6950. An initial resistance on the upside is around the 23.6% Fib retracement level of the last decline from the 0.7018 high to 0.6956 low. However, the most important resistance is around 0.7000 and the 100 hourly SMA.

     

    Overall, it seems like the NZD/USD pair might correct a few pips higher, but it might struggle to move above the 0.7000 and 0.7020 resistance levels in the near term.

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  • NZD/USD – New Zealand Dollar To Resume Downtrend Vs US Dollar?

    NZD/USD – New Zealand Dollar To Resume Downtrend Vs US Dollar?

    • – The New Zealand Dollar recently traded as low as 0.6848 against the US Dollar.
    • – The NZD/USD pair recovered, but facing a major bearish trend line with resistance at 0.6880 on the hourly chart.
    • – Today in New Zealand, the Trade Balance for March 2017 (MoM) released by the Statistics New Zealand posted a trade surplus of $332M.

     

    New Zealand Trade Balance

    Today in New Zealand, the Trade Balance for March 2017 (MoM) was released by the Statistics New Zealand. The market was positioned for a trade surplus of around $200M in March 2017, compared with the previous month.

     

    However, the result better, as the New Zealand Trade Balance posted a surplus of $332M. Looking at the yearly change, there was a trade deficit of $-3.67B in March 2017, which was a bit lower than the last revised deficit of $-3.81B. The report stated that “Exports to China in the March 2017 month were valued at $1.1 billion, up $326 million (43 percent). Milk powder, butter and cheese (dairy), and lamb led the rise. Dairy rose $114 million and lamb rose $57 million”.

     

    Overall, the NZD/USD pair may find it tough to move past the 0.6880 and 0.6900 resistance levels in the near term.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar was under a lot of pressure lately, as it tumbled below the 0.6900 support against the US Dollar. The NZD/USD pair traded as low as 0.6848 before it started a recovery. It managed to move above the 23.6% Fib retracement level of the last decline from the 0.6967 high to 0.6848 low.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    However, the upside move was contained by the 0.6880 and 0.6900 resistance levels. There is a major bearish trend line with resistance at 0.6880 on the hourly chart, which is acting as a strong barrier and preventing further gains.

     

    Moreover, the pair is also struggling to move above the 38.2% Fib retracement level of the last decline from the 0.6967 high to 0.6848 low. So, there is a chance that the pair may move down once again to retest 0.6850. On the other hand, if NZD/USD manages to settle above 0.6900, it could open the doors for further upsides in the near term.

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  • NZD/USD Forecast – New Zealand Dollar Eyeing Major Breakout

    NZD/USD Forecast – New Zealand Dollar Eyeing Major Breakout

    • – The New Zealand dollar failed to break the 0.7220 resistance against the US Dollar and remains at a risk of a breakdown.
    • – There is a crucial triangle pattern formed with resistance at 0.7220 on the 4-hours chart of NZD/USD.
    • – In New Zealand, the Trade balance figure for Jan 2017 was released by Statistics New Zealand, which posted a trade deficit of $-3.47B, more than the last $-3.17B (revised).

     

    New Zealand Trade Balance Jan 2017

    In New Zealand, the Trade balance figure for Jan 2017 was released by Statistics New Zealand. The forecast was aligned for a trade deficit of around $-3.30B in Jan 2017, compared with the same month a year ago.

     

    However, the result disappointing, as the trade deficit was $-3.47B. The last reading was revised from $-3.20B to $-3.17B. The monthly change in the trade balance was also on the lower side, as there was a deficit of $-285M, more than the last revised $-36M. The report added that “Milk powder, which made up 56 percent of the milk powder, butter, and cheese commodity group in January 2017, more than offset lower sales for other goods, leaving overall exports up 0.3 percent ($13 million)”.

     

    Overall, the result was on the lower side, which might weigh on the NZD/USD pair, and could ignite a break below 0.7170.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar was under a lot of pressure lately, as it failed to break the 0.7220 resistance against the US Dollar and moved down. Every time there was an upside move, NZD/USD faced sellers like near 0.7245 and 0.7220.

     

    NZD/USD Technical Analysis New Zealand US Dollar

     

    At the moment, the pair is trading above a major support of 0.7170, and attempting a recovery from the 61.8% Fib retracement level of the last wave from the 0.7129 low to 0.7246 high. However, the upside move won’t be easy.

     

    There is a crucial triangle pattern formed with resistance at 0.7220 on the 4-hours chart, which may act as a breakout pattern for NZD/USD. Its resistance also coincides with the 100 simple moving average (H4) at 0.7220. So, if the pair fails to break the 0.7220 resistance, there is a high probability of it moving down and breaking the triangle support at 0.7170.

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