NZD/USD Hovers Around Support

24 March, 2017

NZD/USD has retraced substantially since March 21st, as it was nearing the short-term major resistance level at 0.7100.

This morning, the bearish momentum was held above the significant psychological support line at 0.7000, where the 10 SMA converges (on the daily chart), the support here is stronger.

The 4-hourly Stochastic Oscillator is around 20, suggesting a rebound.

The resistance level is at 0.7015, followed by 0.7030 and 0.7050.
The support line is at 0.7000, followed by 0.6985 and 0.6970.

Today we will see the release of US durable goods orders and core durable goods (Fed), at 12:30 GMT. With better-than-expected readings, it will likely weigh on NZD/USD, and test supports. With weaker-than-expected readings, it will likely push NZD/USD up, and test resistances.

Three Fed presidents are scheduled to deliver speeches today, their hawkish/dovish comments will also likely affect the strength of the dollar.

The major focus for today is the vote on Trump’s healthcare bill proposal to repeal Obamacare. The vote was postponed from Thursday evening to today. This is Trump’s first bill proposal since taking office. However, there has been a severe disagreement within the Republican party.

If the bill fails to pass, markets would likely lose confidence in Trump’s administration and his other policies (such as tax-cuts and regulation reform) which will likely weigh on USD and US equities. In this situation, NZD/USD will likely further rally and test resistances.

Be aware that markets are likely to be volatile today.


Source link   Presented by FxPro

NZ Inflation Weaker Than Expected

The quarterly inflation report from New Zealand saw consumer prices rising at a slower pace than forecast. Data from Statistics New Zealand showed...

RBNZ Interest Rate Decision

We could see some volatility in NZD pairs later in the Asian session around what is probably the most important and market-moving event of the month...

New Zealand Dollar severely hit

Investors in Asia largely brushed off the ongoing trade fight between China and the U.S., with Shanghai's blue-chip stocks climbing 2.4%, a move...


NZD falls on RBNZ dovish stance

It's been an exciting morning for the Reserve Bank of New Zealand as they announced that they see rates being held at 1.75% until 2020 in the current market...

NZD slips on trade data

The New Zealand economy looks to be taking a hit, with trade balance data coming in much weaker than expected at -113M (200M exp), showcasing that...

NZD/USD: No signs of a near breakout

NZD/USD has been stuck in a sideways range of 0.6690-0.6860 in July, and shows no sign of a near term breakout, according to Imre Speizer, Head...


NZD sinks further as the USD shines

The New Zealand dollar has taken a dive today as pressure continues to be piled on commodity currencies and the NZD especially. With some very poor...

NZD in focus ahead of RBNZ rate decision

There is a lot of heat on the upcoming interest rate decision for New Zealand; not because of the fact that markets are expecting it won't change, but more...

RBNZ holds rates, and oil bears strike

The Reserve Bank of New Zealand has kept interest rates flat at 1.75% just hours ago. While there had been the odd rumour of a hike, in reality...

  


Share it on:   or