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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 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 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 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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