Fundamental Analysis of NZD/USD for February 2, 2018
February 2, 2018 5:22 amVideo
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NZD/USD is currently residing inside a corrective and volatile structure above 0.73 area with no definite trend momentum in the market. USD has been quite weaker in the comparison since the December Interest Rate hike which still affects the gains in the market. Today a number of high impact economic reports on the USD side is expected to inject some volatility in the market which includes Average Hourly Earnings which is expected to decrease to 0.2% from the previous value of 0.3%, Non-Farm Employment Change is expected to increase to 181k from the previous figure of 148k and Unemployment Rate report is expected to be unchanged at 4.1%. Moreover, USD Revised UOM Sentiment report is going to be published today which is expected to have slight increase to 95.0 from the previous figure of 94.4, Factory Orders is expected to increase to 1.5% from the previous value of 1.3% and Revised UOM Inflation Expectation is expected to have a rise from the previous value of 2.8%. On the NZD side, today Building Consents report was published with a negative value of -9.6% which previously was at 9.6% and Visitors Arrivals was also published with a negative value of -2.8% which previously was at 2.5%. Despite having worse economic report outcome today and being ahead of the high impact USD economic reports, NZD was not quite dominated as expected in the corrective structure which does indicate the strength of NZD against USD in comparison. As of the current scenario, if USD high impact economic reports result better than expected, a certain pullback in the trend will be expected which might also lead to a strong counter in the coming days. A weekly close today will determine and indicate about the upcoming momentum in the pair for the future.
Now let us look at the technical view. The price is currently showing some bearish pressure in the corrective structure which is expected to push the price lower towards 0.73 and dynamic level of 20 EMA before showing any further bullish momentum in the pair in the future. As the price remains above 0.7250 price area with a daily close, the bullish bias is expected to continue to proceed with the target towards 0.75 price area.
The material has been provided by InstaForex Company – www.instaforex.com
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