FXEMPIRE
All
Ad
Advertisement
Advertisement
James Hyerczyk
Add to Bookmarks
NZD/USD

The New Zealand Dollar is trading lower on Thursday after giving up earlier gains despite a pair of economic reports indicating a strengthening economy.

The Kiwi Dollar rallied on Wednesday in reaction to better-than-expected labor market data and mixed reports from the U.S. on private sector jobs and the services industry.

Advertisement
Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

At 05:15 GMT, the NZD/USD is trading .7206, down 0.0011 or -0.15%.

Early today, figures from Statistics New Zealand showed the number of new homes consented in the year ended March 2021 reached an all-time high of 41,028, due to an increase in consents for higher-density housing.

In other news, a preliminary reading of New Zealand ANZ business confidence improved to 7.0 in May, up from -2.0.

Daily NZD/USD

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through .7115 will signal a resumption of the downtrend. The main trend will change to up on a move through .7287.

The main range is .7465 to .6943. The NZD/USD is currently testing its retracement zone at .7204 to .7266. This zone is controlling the near-term direction of the Forex pair.

The short-term range is .6943 to .7287. Its retracement zone at .7115 to .7074 is potential support.

The main support is the long-term retracement zone at .7027 to .6924.

Advertisement

Daily Swing Chart Technical Forecast

The direction of the NZD/USD on Wednesday is likely to be determined by trader reaction to .7204.

Bullish Scenario

A sustained move over .7204 will indicate the presence of buyers. If this creates enough upside momentum then look for the rally to possibly extend into .7266, followed by .7287. The latter is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under .7204 will signal the presence of sellers. The first downside target is a minor pivot at .7172. If this level fails as support then look for the selling to possibly extend into .7115 to .7074.

For a look at all of today’s economic events, check out our economic calendar.
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker