NZD/USD Forecast August 4, 2017, Technical Analysis

The New Zealand dollar had a choppy session during the day on Thursday, as we initially fell but then found buying opportunities later in the day. The market looks as if it is trying to square itself ahead of the jobs number, so having said that it’s likely that the market will continue to be very quiet until we get that announcement. Once we do, the market should continue to find quite a bit of volatility entering. I believe that the upside is probably where the market is favoring, although we’ve had a certain amount of a pullback over the last couple of days. The 0.75 handle should be an area that offers a significant amount of psychological resistance, but given enough time I think that the buyers will probably try to break above there.

Buying dips

I continue to buy dips in this market, unless of course we break down below to form a fresh, new low. Keep in mind the commodities do drive the New Zealand dollar overall, so if they start to rise, it’s likely that the New Zealand dollar will continue to see buyers jumping in and taking advantage of the volatility in the overall attitude of the currency as of late.

NZD/USD Video 04.8.17