Fundamental analysis of NZD/USD for June 8, 2018
June 8, 2018 12:22 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
NZD/USD has been bullish recently after bouncing off the 0.6850 support area which is expected to be retested soon in the coming days. Despite having mixed economic reports, NZD gained good momentum over USD which is currently expected to be engulfed by USD in the coming days.
Recently, the NZD ANZ Commodity Prices report was published with an increase to 1.5% from the previous value of 1.0% which lead the currency to gain certain momentum but could not sustain it longer in the process as USD has been quite better with the results in comparison.
Recently, the US ISM Non-Manufacturing PMI report was published with an increase to 58.6 from the previous figure of 56.8 and the JOLTS Job Opening report was also published with an increase to 6.70M from the previous figure of 6.63M. The positive economic report helped the currency counter the NZD momentum which was being built for a month. Today, the US Final Wholesale Inventories report is going to be published which is expected to be unchanged at 0.0%. Moreover, today due to G7 Meetings, USD is expected to be quite volatile with the gains in the process.
As of the current scenario, USD is expected to take the lead against NZD in the coming days which can reult in further bearish pressure in the process. Until NZD comes up with better economic reports to support its gains, USD is expected to continue the pressure further in the future.
Now let us look at the technical view. The price is currently quite bearish with the gains after rejecting certain bullish pressures along the way with daily close. After bouncing off the 0.6850 area, current momentum is indicating certain bearish pressure to be observed in the coming days which is expected to push the price lower towards 0.6850 to retest again in the future. As the price remains below 0.7150 area with a daily close, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: