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NZDUSD

NZDUSD bears cheer RBNZ status-quo, FOMC minutes eyedAlthough RBNZ Governor Adrian Orr could pull the NZDUSD prices back from a yearly low, not to forget mentioning the two-month-old support line, the New Zealand central bank’s refrain from a widely anticipated rate hike keeps the kiwi pair sellers hopeful. Also favoring the NZDUSD bears is the sustained downside break of 200-SMA and the previous support line from July 20 amid bearish MACD. That said, the quote currently drops towards the 0.6900 threshold before the recently flashed nine-month low of 0.6867. It should be noted that a downward sloping trend line from June 18, near 0.6860, can challenge the pair’s further downside. Meanwhile, August 10 lows near 0.6970 guard the quote’s corrective pullback ahead of 200-SMA and support-turned-resistance line, respectively around 0.6990 and 0.7005. During the NZDUSD upside past 0.7005, the previous week’s top close to 0.7060 and a six-week-old downward sloping resistance line close to 0.7080 will be important to watch. It’s worth noting that the FOMC minutes should reject the tapering tantrum, which is less likely, to recall the NZDUSD bulls.
Short
by MTradingGlobal
NZDUSD confirms rising wedge on strong NZ employment dataWith the firmer Q2 jobs report, the RBNZ is all set to become the first developed nation central bank to announce a rate hike in 2021. The bullish consensus spread like a wildfire among the top-tier banks following the data, fueling the NZDUSD prices beyond a key hurdle from mid-June, which in turn confirmed a bullish formation suggesting a theoretical jump towards revising the May month’s low near 0.7315. During the run-up, tops marked during July and June, respectively near 0.7100 and 0.7240 may offer an intermediate halt. Alternatively, pullback moves below the resistance-turned-support line, around 0.7025, will be challenged by 200-SMA and a one-week-old rising support line, close to 0.6990–85. Should NZD/USD sellers break the 0.6985 level, the pair’s further weakness towards 0.6920 and July’s bottom surrounding 0.6880 can’t be ruled out. However, the support line of the stated wedge, around 0.6860, will challenge the quote’s declines past 0.6880. Overall, optimism concerning the RBNZ’s rate hike backs the NZDUSD bulls.
Long
by MTradingGlobal
💡Don't miss the great sell opportunity in NZDUSDTrading suggestion: ". There is still a possibility of temporary retracement to the suggested resistance line (0.6916). if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . NZDUSD is in a downtrend, and the continuation of the downtrend is expected. . The price is below the 21-Day WEMA, which acts as a dynamic resistance. . The RSI is at 36. Take Profits: TP1= @ 0.6887 TP2= @ 0.6873 TP3= @ 0.6845 TP4= @ 0.6695 SL: Break Above R2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex / Crypto trader ? Now, It's your turn ! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Short
by ForecastCity_ME
5
💡Don't miss the great sell opportunity in NZDUSDTrading suggestion: ". There is still a possibility of temporary retracement to the suggested resistance line (0.7004). if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . NZDUSD is in a range bound, and the beginning of a downtrend is expected. . The price is below the 21-Day WEMA, which acts as a dynamic resistance. . The RSI is at 33. Take Profits: TP1= @ 0.6967 TP2= @ 0.6945 TP3= @ 0.6921 TP4= @ 0.6896 SL: Break Above R2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex / Crypto trader ? Now, It's your turn ! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Short
by ForecastCity_ME
6
💡Don't miss the great sell opportunity in NZDUSDTrading suggestion: ". There is still a possibility of temporary retracement to the suggested resistance line (0.7063). if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . NZDUSD is in a downtrend, and the continuation of the downtrend is expected. . The price is below the 21-Day WEMA, which acts as a dynamic resistance. . The RSI is at 38. Take Profits: TP1= @ 0.7032 TP2= @ 0.6999 TP3= @ 0.6962 TP4= @ 0.6922 TP5= @ 0.6883 SL: Break Above R2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated!❤️ 💎 Want us to help you become a better Forex / Crypto trader? Now, It's your turn! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Short
by ForecastCity_ME
4
New Zealand dollar slide continuesThe New Zealand dollar has recorded losses for a third straight day. In the European session, NZD/USD is trading at 0.7212, down 0.33% on the day. The ANZ Commodity Price Index climbed 1.3% in May, marking an eighth consecutive rise. The index rose to a record level, as commodity prices rose in all major categories. The rise in commodities this year is in sharp contrast to 2020, when the Covid pandemic caused a sharp downturn in the global economy. This was reflected in a sharp fall in commodity prices, as the Commodity Price Index recorded declines throughout most of 2020. As Covid rates fall, major economies have been reopening, and improving economic conditions have led to speculation that central banks may respond by tightening policy. The Bank of Canada recently tapered its QE programme and the Reserve Bank of New Zealand surprised the markets last week when it signalled the potential of a rate hike in the second half of 2022. If the RBNZ continues to send a hawkish message to the markets, we can expect the New Zealand dollar to gain ground. This week's key event is the US nonfarm payroll release for May on Friday (12:30 GMT). The market is projecting a strong release, with a consensus of 664 thousand. If the upcoming release is within expectations, it would indicate a significant acceleration from the April reading of 266 thousand. The April release was a massive miss, as the forecast stood at 966 thousand. Investors can be expected to be cautious ahead of the release. If the nonfarm payroll release is as strong as expected, we could see a breakout in the forex markets on Friday. Investors will also be keeping an eye on wage growth, which could put a damper on the NFP party. Average Hourly Earnings is projected to slow to 0.2% in May, after a sharp gain of 0.7% previously. There is resistance at 0.7777 and 0.7846. On the downside, we have support at 0.7658 and 0.7608
by OANDA