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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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  • NZD/USD Forecast – New Zealand Facing Crucial Hurdle Near 0.7335

    NZD/USD Forecast – New Zealand Facing Crucial Hurdle Near 0.7335

    • – The New Zealand Dollar is trading below a major resistance zone near 0.7330-40 against the US Dollar.
    • – There is a key bullish trend line with support at 0.7310 forming on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, the Visitor Arrivals for July 2017 was released by the Statistics New Zealand.
    • – The outcome was below the forecast of 8%, as the Visitor Arrivals increased by 3.8% (YoY).

    New Zealand Visitor Arrivals

    Today in New Zealand, the Visitor Arrivals for July 2017 was released by the Statistics New Zealand. The market was aligned for a rise of around 8% in the visitor arrivals compared with the same month a year ago.

     

    The actual result was below the forecast of 8%, as the Visitor Arrivals increased by 3.8%. In July, the number of Migrant arrivals were 132,100, which is a new high. Moreover, the number of migrant departures were 59,700 in the year ended July 2017. Commenting on the same, the population statistics senior manager, Peter Dolan, stated:

    Most migrants currently arrive in New Zealand on short-term work and student visas. However, it’s how long they stay in New Zealand, not their visa type, which affects whether they are counted as long-term migrants or short-term visitors.

     

    Overall, the NZD/USD pair may make another attempt to break the 0.7340 resistance and could even surpass it.

    NZD/USD Technical Analysis

    The New Zealand Dollar remains in an uptrend above 0.7250 against the US Dollar. However, the NZD/USD pair is struggling to break an important resistance near 0.7330-40, which acted as a barrier on more than two occasions.

     NZD/USD Technical Analysis New Zealand Dollar US Dollar

    The pair recently failed to break 0.7335 and declined towards 0.7300. There is a key bullish trend line with support at 0.7310 forming on the hourly chart of the NZDUSD pair, which protected the downside move and held losses.

     

    Moreover, the pair also found support near the 50% Fib retracement level of the last wave from the 0.7275 low to 0.7335 high. It is a positive sign and means the pair could make another attempt to break 0.7340 in the near term.

     

    Overall, the trend is positive for NZD/USD and buying dips near the trend line support or 0.7300 can be considered with a stop of around 10-15 pips in the short term.

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  • NZD/USD Forecast – New Zealand under Pressure Vs US Dollar Post RBNZ

    NZD/USD Forecast – New Zealand under Pressure Vs US Dollar Post RBNZ

    • – The New Zealand Dollar declined sharply and moved below 0.7350 against the US Dollar.
    • – There is a monster descending channel pattern with resistance at 0.7350 forming on the hourly chart of the NZDUSD pair.
    • – Today in New Zealand, the RBNZ Interest Rate Decision (10 August 2017) was announced by the Reserve Bank of New Zealand.
    • – The outcome was in line with the forecast of 1.75%, as Official Cash Rate (OCR) unchanged at 1.75 percent.

     

    RBNZ Interest Rate Decision

    Today in New Zealand, the RBNZ Interest Rate Decision (10 August 2017) was announced by the Reserve Bank of New Zealand. The market was aligned for no change in the interest rate in August 2017 from 1.75% by the central bank.

     

    The actual result was in line with the forecast of 1.75%, as Official Cash Rate (OCR) unchanged at 1.75 percent. Moreover, the Electronic Card Retail Sales for July 2017 was reported by Statistics New Zealand today. The outcome was below the forecast of an increase of 0.3%, as there was a decline of 0.5% (MoM). In terms of the yearly change, there was a rise of 2%, less than the last 4.5%.

     

    Overall, the NZD/USD may continue to decline and could even trade towards the 0.7290-0.7280 support zone.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar has likely started a major downtrend below the 0.7500 resistance area against the US Dollar. The NZD/USD pair recently declined heavily and traded below the 0.7500 and 0.7400 support levels.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    There is a monster descending channel pattern with resistance at 0.7350 forming on the hourly chart of the NZDUSD pair. The channel resistance is also near the 100 hourly simple moving average at 0.7555, which is acting as a strong barrier for buyers.

     

    Recently, the pair also broke a short-term consolidation channel at 0.7315, which has opened the doors for more declines. The pair might soon decline further and could even trade towards the 1.236 extension of the last wave from the 0.7307 low to 0.7367 high.

     

    Overall, the trend is very bearish for NZD/USD and there are chances of more declines towards 0.7290-80 in the near term.

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  • NZD/USD Forecast – New Zealand Gaining Momentum Vs US Dollar

    NZD/USD Forecast – New Zealand Gaining Momentum Vs US Dollar

    • – The New Zealand Dollar after a sharp decline towards 0.7200 against the US Dollar found support.
    • – The NZDUSD pair gained pace and managed to break a major bearish trend line with resistance at 0.7265 on the hourly chart.
    • – Today in New Zealand, the Food Price Index (FPI) for June 2017 was released by the Statistics New Zealand.
    • – The outcome was below the forecast of 1%, as there was a rise of 0.2% in the index.

     

    New Zealand Food Price Index

    Today in in New Zealand, the Food Price Index (FPI) for June 2017 was released by the Statistics New Zealand. The market was aligned for an increase of around 1% compared with the previous month.

     

    The actual result was on the lower side, as the index rose 0.2% in June 2017. The main contributors to the rise were avocados and soft drinks. As per the report, the average price for a 200g avocado was up from $3.38 in May 2017 to $4.52 in June 2017. Commenting on the data release, the consumer prices manager, Matthew Haigh, stated:

    Avocado prices tend to peak in the winter before falling in spring as new fruit become available. Prices are back near the record level in June last year.

     

    Overall, the NZD/USD may correct further a few pips, but it is well supported above the 0.7270 area in the short term.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar was in deep trouble earlier this week, as it traded below the 0.7240-30 support area against the US Dollar. The NZD/USD pair traded as low as 0.7201 where buyers appeared and pushed the pair higher.

     

    NZD/USD Technical Analysis New Zealand Dollar US Dollar

     

    The pair recovered very well during the past 3-4 sessions, and traded above the 0.7230 resistance area. There was also a break above the 100 hourly simple moving average and the 50% Fib retracement level of the last decline from the 0.7307 high to 0.7201 low.

     

    Recently, the pair also broke a major bearish trend line with resistance at 0.7265 on the hourly chart, and traded as high as 0.7297 where sellers appeared. A correction started, but the pair found support near a bullish trend line at 0.7245.

     

    The pair is back moving higher, and it may soon break the 0.7290-0.7300 resistance zone for further gains. The next stop could be 0.7315.

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  • NZD/USD Forecast – New Zealand Dollar Faces Tough Test Vs US Dollar

    NZD/USD Forecast – New Zealand Dollar Faces Tough Test Vs US Dollar

    • – The New Zealand Dollar after trading towards 0.7260 against the US Dollar found support.
    • – Earlier, there was a break below a major bullish trend line with support at 0.7310 on the hourly chart of NZD/USD.
    • – Today in New Zealand, the NZIER Business Confidence for Q2 2017 released by the New Zealand Institute of Economic Research posted 18%, up from the last 17%.

     

    NZIER Business Confidence

    Today in New Zealand, the NZIER Business Confidence for Q2 2017 was released by the New Zealand Institute of Economic Research. The market was aligned for better economic conditions for a net 17% of businesses.

     

    The actual result was a bit better, as net 18 percent of businesses expect better economic conditions in Q2 2017. The report stated that “Activity and positive sentiment continue to broaden beyond Auckland, with Waikato, Bay of Plenty, Wellington, Gisborne and Southland experiencing the highest levels of business confidence.”

     

    Overall, the NZD/USD may correct further, but it may face a lot of offers near the 0.7300-7310 resistance in the near term.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar failed once again to break the 0.7340-0.7350 resistance against the US Dollar. The NZD/USD pair failed on more than two occasions to settle above 0.7350, and started a downside move to trade below 0.7320.

     

    NZD/USD Technical Analysis New Zealand US Dollar

     

    The pair declined and broke a major bullish trend line with support at 0.7310 on the hourly chart. Even the 100 hourly simple moving average at 0.7305 was cleared. It ignited a downside wave and the pair traded as low as 0.7262.

     

    At the moment, the pair is recovering, and testing the 23.6% Fib retracement level of the last decline from the 0.7344 high to 0.7262 low. There is a chance of an upside extension towards 0.7300, which is a major hurdle for buyers.

     

    The 0.7300 resistance is aligned with the 100 hourly simple moving average and the 50% Fib retracement level of the last decline from the 0.7344 high to 0.7262 low. So, if the pair continues to move higher, it may face offers near 0.7300. Selling rallies towards 0.7300 might be considered in the short term as long as there is now close above the 100 hourly simple moving average.

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  • NZD/USD Forecast – Can New Zealand Dollar Gains Momentum Vs US Dollar?

    NZD/USD Forecast – Can New Zealand Dollar Gains Momentum Vs US Dollar?

    • – The New Zealand Dollar remains in a downtrend below 0.7280 against the US Dollar.
    • – There is a crucial bearish trend line with resistance at 0.7265 forming on the hourly chart of NZD/USD.
    • – Today in New Zealand, the RBNZ Interest Rate Decision (June 22, 2017) was announced in which the central bank kept rates at 1.75%.

     

    RBNZ Interest Rate Decision

    Today in New Zealand, the RBNZ Interest Rate Decision (June 22, 2017) was announced by the Reserve Bank of New Zealand. The market was positioned for no changes in rates from 1.75%.

     

    The actual result was in line with the forecast, as the central bank kept rates at 1.75%. Furthermore, the Visitor Arrivals for May 2017 was released by the Statistics New Zealand. The market was expecting an increase of around 10%. However, the actual result was lower, as there was a rise of 8%. The report added that “Annual net migration reached 72,000 in the May 2017 year. Migrant arrivals numbered 130,400 and migrant departures numbered 58,400 in the year ended May 2017”.

     

    Overall, the NZD/USD may find it difficult to gain pace and move above the 0.7265-70 resistance in the near term.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar is in a minor downtrend and moved below the 0.7280 support against the US Dollar. The NZD/USD pair recently declined towards the 0.7200 handle where it found support and started correcting higher.

     

    NZD/USD Technical Analysis New Zealand US Dollar

     

    The pair recovered and moved above the 100 hourly simple moving average and the 38.2% Fib retracement level of the last decline from the 0.7297 high to 0.7205 low. On the upside, there is a crucial bearish trend line with resistance at 0.7265 forming on the hourly chart.

     

    The same trend line resistance is near the 61.8% Fib retracement level of the last decline from the 0.7297 high to 0.7205 low. If there is a move towards the trend line resistance or 0.7265, there are chances of sellers protecting gains.

     

    On the downside, the 100 hourly simple moving average and the 0.7240 level is a short-term support zone. A break below it could push the pair back towards the last swing low of 0.7210-00 in the near term.

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