Fundamental Analysis of NZD/USD for November 16, 2017
November 16, 2017 3:24 pmVideo
Latest News
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
NZD has been weaker in comparison to USD recently which led to impulsive bearish pressure rejecting off the 0.6980 area. The price was quite indecisive after being pushed by the bulls towards 0.6980 area which turned into a bearish impulsive move amid recent positive economic reports from the US which reversed the market sentiment. Ahead of the long-awaited Fed Rate Hike in December, USD is expected to gain momentum over NZD which is expected to lead to further bearish momentum in the future. Today, USD was quite mixed in light of the economic reports which triggered certain volatility in the pair. Today, US Unemployment Claims report was published with unexpected growth to 249k from the previous figure of 239k which was expected to decrease to 235k, Import Prices decreased to 0.2% from the previous value of 0.8% which was expected to be at 0.4%, and Philly Fed Manufacturing Index report was published with a decrease to 22.7 from the previous figure of 27.9 which was expected to be at 24.5. Along with this series of worse economic reports today, Capacity Utilization Rate report was published with an increase to 77.0% from the previous value of 76.0% which was expected to be at 76.3% and Industrial Production report also showed some growth to 0.9% from the previous value of 0.3% which was expected to be at 0.5%. On the other hand, today there were no economic events or reports from New Zealand but tomorrow NZ PPI Input report is going to be published which is expected to decrease to 1.2% from the previous value of 1.4%, PPI output report is expected to increase to 1.4% from the previous value of 1.3%, and Business NZ Manufacturing Index is expected to be quite neutral which previous was at 57.5. As for the current scenario, NZD has been quite weak in nature and upcoming economic reports forecasts were also quite mixed. Though the US had a series of worse economic reports today, the market sentiment is propping up the US currency amid growing expectations for a December rate hike. To sum up, USD is expected to keep momentum over NZD in the coming days.
Now let us look at the technical chart. The price is currently residing just above the support area of 0.6810 which is expected to be retested soon. The price has been quite reactive to the dynamic level of 20 EMA before it pushed lower recently which indicates that the trend is currently showing some non-volatile price action behavior which is expected to push further downward in the coming days. As the price remains below the dynamic level of 20 EMA and 0.70 resistance area, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: