NZD news

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NZD/USD Threatening Critical Support Following RBNZ Inspired Drop

NZD/USD fell sharply following the North American close on Wednesday as the Reserve Bank of New Zealand surprised markets by retaining a neutral stance on monetary policy.

There were some market expectations for the RBNZ to move towards a tightening bias at their monetary policy meeting following a sharp rise in inflation which reached 2.2% in the first quarter to fall into the middle of the central bank’s target range.
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NZD/USD forecast for the week of May 15

The NZD/USD pair went back and forth during the week, testing the 0.6850 level. This is the 50% Fibonacci retracement level from the bounce that the buyers pushed. This is a market that is finding itself in a precarious position right now, because the 50% Fibonacci retracement level also represents an area where we had seen quite a bit of resistance previously. If we can break down below there, the market will then more than likely reach towards the 0.6650 level underneath which of course is the 61.8% Fibonacci retracement level. This is a market that is highly influenced by commodity markets as well, so keep that in mind.

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NZD/USD Rallies Following Break Of Bull Flag

NZD/USD pushed higher for a fourth consecutive session, boosted by a weaker dollar. After consolidating within a bullish flag pattern in the early week, the pair broke to the upside to activate the pattern, pointing to further gains for the currency pair.

A weaker dollar lifted NZD/USD higher today as the US dollar index (DXY) dropped lower for a fourth consecutive session to break to fresh six-month lows. Following today’s decline, the index has completely erased gains that resulted from the US election. Support at 97.53 marks prior resistance from July 2016 and has held the decline in late day trading. The US dollar was the weakest major currency shortly ahead of the North American close while the New Zealand dollar posted the second largest gains.
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NZD/USD Surges Through Resistance To Hit 4-Week Highs

NZD/USD broke higher from a consolidation and is seen trading at the highest level since April 24th. The pair gapped slightly lower at the open but promptly recovered and broke higher following the European open.

A downward channel that held the exchange rate lower for the month thus far was breached today as well as a horizontal level at 0.6971. The pair is seen nearing the psychological 0.7000 handle at the European close.
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NZD/USD Rally Pauses At Resistance

NZD/USD turned lower on Thursday to snap a prior four-day winning streak. The pair has made a notable technical break this week that hints at further upside but a horizontal level has capped gains in the week thus far.

Resistance at 0.7045 had held the rally that followed the March FOMC meeting and also a recovery in April. The currency pair tested the level Tuesday and once again shortly after yesterday’s FOMC meeting minutes release, failing to make a sustained break above it.

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NZD/USD Rallies To Touch Two-Month High

NZD/USD extended gains today and traded at the highest level since March 21st prior to retreating. The pair has fallen back near resistance which has held the exchange rate lower in the prior three sessions.

The turn lower in the currency pair followed a better than expected revision to first quarter GDP growth in the United Sates. The Bureau of Economic Analysis reported an upward revision to 1.2% from 0.7% versus the analyst consensus for a revision to 0.9%.

NZD/USD forecast for the week of June 5

The New Zealand dollar had a very positive week, as we have broken above the 0.71 handle. However, I do see a bit of noise above so I don’t think it’s necessarily going to be the easiest move to the upside. Nonetheless, it does look like the buyers are getting involved so selling is all but impossible for the longer-term trader. I believe that the 50% Fibonacci retracement level has offered enough support to turn the market back around and perhaps go gunning for the highs recently, that were made about a year ago at the 0.75 handle. A break above there obviously is very bullish we have a lot of work to do between now and then to get to that point.

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NZD/USD Rallies To Trendline Resistance

NZD/USD extended higher on Tuesday and is seen testing a declining trendline that originates from a high posted in September. The pair was boosted by a broadly weaker dollar today as the greenback shows losses against all of its major counterparts except for the British pound.

The US dollar index (DXY) had recovered at the open this week but fell under pressure in North American trading on Monday. There was a brief recovery at the European open today prior to a downwards continuation to a fresh 7-month low. The index is closing in on important support near 96.50 where a 61.8% Fibonacci level resides that is measured from the 2016 low to the high posted at the start of this year.

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