Fundamental Analysis of NZD/USD for March 30, 2018
March 30, 2018 7:21 am
NZD/USD has been quite impulsive with the bullish gains recently, after breaking below the 0.7250 price area with an impulsive bearish pressure. Recently, due to the mixed economic reports of USD, NZD managed to gain some momentum in the volatile bearish trend which might lead to certain correction along the way in the coming days. Recently, NZD Trade Balance report was published with a significant increase to 217M from the previous figure of -655M, and NZD Building Consents report was also published with an increase to 5.7% from the previous value of 0.0%. The positive economic reports of NZD did help the currency to gain some momentum over USD but failed to sustain it longer. As of today, due to observation of Good Friday, no economic report on NZD was published. On the other hand, USD has been quite mixed with the recent economic reports like Consumer Confidence decreasing to 127.7 from the previous figure of 130.0 and Final GDP increasing to 2.9% from the previous value of 2.7%. As of the current scenario, the pair is expected to be quite volatile and corrective in the coming days as of no economic reports on NZD and USD to be published today, and due to observance of Easter Monday, next week the market is expected to be quite slow waking up. To sum up, NZD is expected to take the lead for a certain period over USD but definite impulsive pressure on either side may take some time to process.
Now let us look at the technical view. The price is currently residing below the dynamic level of 20 EMA and the 0.7250 price area which is expected to be retested before the price proceeds lower towards 0.7150 in the coming days. The price is expected to be quite corrective and volatile in the process whereas no definite pressure may be observed before Tuesday in this pair. As the price remains below 0.7250 with a daily close, further bearish pressure is expected.
The material has been provided by InstaForex Company – www.instaforex.com
NZD/USD has been quite impulsive with the bullish gains recently, after breaking below the 0.7250 price area with an impulsive bearish pressure. Recently, due to the mixed economic reports of USD, NZD managed to gain some momentum in the volatile bearish trend which might lead to certain correction along the way in the coming days. Recently, NZD Trade Balance report was published with a significant increase to 217M from the previous figure of -655M, and NZD Building Consents report was also published with an increase to 5.7% from the previous value of 0.0%. The positive economic reports of NZD did help the currency to gain some momentum over USD but failed to sustain it longer. As of today, due to observation of Good Friday, no economic report on NZD was published. On the other hand, USD has been quite mixed with the recent economic reports like Consumer Confidence decreasing to 127.7 from the previous figure of 130.0 and Final GDP increasing to 2.9% from the previous value of 2.7%. As of the current scenario, the pair is expected to be quite volatile and corrective in the coming days as of no economic reports on NZD and USD to be published today, and due to observance of Easter Monday, next week the market is expected to be quite slow waking up. To sum up, NZD is expected to take the lead for a certain period over USD but definite impulsive pressure on either side may take some time to process.
Now let us look at the technical view. The price is currently residing below the dynamic level of 20 EMA and the 0.7250 price area which is expected to be retested before the price proceeds lower towards 0.7150 in the coming days. The price is expected to be quite corrective and volatile in the process whereas no definite pressure may be observed before Tuesday in this pair. As the price remains below 0.7250 with a daily close, further bearish pressure is expected.
The material has been provided by InstaForex Company – www.instaforex.com
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