NZDUSD hits support after dismal NZ business confidence data

August 31, 2015

The kiwi has been assaulted by bears amidst a risk-off tone in the market and following the release of softer than expected business confidence data. Investor sentiment took a turn for the worst at the beginning of the Asia session due to news out of China that Beijing will stop directly buying up shares to shore-up equity markets and it hasn’t really recovered. Major equity markets in the region are in the red across the board, with the ASX 200 and Nikkei 225 down around 1.6% and 1.7% respectively; the latter is also feeling the sting of a stronger yen.

ANZ’s New Zealand Business Confidence Index dropped to -29.1 in August, from -15.3 in the prior month. This is lowest the index has been since mid-2009 when it was nervously recovering after the GFC. Businesses in NZ are clearly feeling the weight of falling commodity prices and lacklustre levels of global demand, as well as a softening domestic economy.

NZDUSD

NZDUSD dropped on the back of today’s figures and is now testing an all-important support zone around 0.6400/10. A confirmed break here could put the pair on the defensive in the lead-up to this month’s US NFP numbers, due out on Friday. However, price action is looking a little oversold after last week’s extreme volatility, thus we can’t rule out a test of resistance around 0.6500 in the near-term.

Publication source
FOREX.com information  FOREX.com reviews

December 9, 2016
Gold is tired of moving in the range
On the daily chart of gold, the bears remain control over the market. As long as quotes are below $ 1,195, their positions are not under threat. The update of the December low can lead to the continuation of downward movement towards $1,116...
December 9, 2016
Oil prices ignored bigger-than expected drop
After an Asian consolidation oil prices moved higher on Thursday. The price slightly grew and reversed the minor part of its losses. The benchmark approached 53.50 post-Europe open. The price stayed below the 50 and 100 EMAs in the 1 hour chart...
December 9, 2016
EURUSD Trades Below Significant Resistance
The Italian referendum weighed on EUR/USD, fell to a year low of 1.0506 on 5th December. It was followed a quick recovery, as a result of the rebound of the Euro after testing the significant support level at 1.0500. Yet it retraced after testing the significant resistance level at 1.0800...

FxPro Rating
FIBO Group Rating
Tickmill Rating
FXCM Rating
HotForex Rating
Larson&Holz IT Ltd Rating

Grand Option Rating
Banc De Binary Rating
Porter Finance Rating
OptionsXO Rating
Binary Brokerz Rating
365BinaryOption Rating