Nzdusd - page 7
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NZD/USD Forecast June 16-20
The New Zealand dollar extended its gains on hawkish expectations. The main event of the upcoming week is the release of quarterly GDP. Here is an analysis of fundamentals and an updated technical analysis for NZD/USD.
The Reserve Bank of New Zealand hiked the rates for the third time to 3.25% and did not leave the door closed for another rate hike in the upcoming meeting. With yield hungry investors, the kiwi jumped despite the desire of the RBNZ to see a lower currency and a potential intervention. Apart from rising against the dollar, it also reached a one year high against the euro. Can the pair push to multi-decade highs?
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no clear direction on the NZD/USD, it is right in the middle between the 0.8600 and the 0.8700.
The NZDUSD has broken the 0.8700 to the upside. The level may become support now, but be careful with a fake breakout.
NZD/USD weekly outlook: June 30 - July 4
The New Zealand dollar ended Friday’s session close to a 34-month high against its U.S. counterpart, as upbeat U.S. consumer sentiment data failed to dispel concerns over the outlook for the wider economic recovery.
NZD/USD hit 0.8792 on Thursday, the pair’s highest since August 1, 2011, before subsequently consolidating at 0.8778 by close of trade on Friday, down 0.03% for the day but 0.93% higher for the week.
The pair is likely to find support at 0.8733, the low from June 26 and resistance at 0.8792, the high from June 26.
The final reading of the University of Michigan's consumer sentiment index rose to 82.5 this month from 81.9 in May, compared to expectations of 82.2.
The report did little to alter expectations that the Federal Reserve will keep rates on hold for an extended period after data earlier in the week showed that U.S. first quarter growth was revised sharply lower.
The dollar weakened across the board after the Commerce Department said Wednesday that U.S. gross domestic product contracted at an annual rate of 2.9% in the first three months of the year, compared to the consensus forecast for a decline of 1.7%.
U.S. first quarter GDP was initially reported to have increased by 0.1%, but was subsequently revised to show a contraction of 1.0%.
The dollar came under additional pressure after data on Thursday showed that U.S. consumer spending rose by just 0.2% in May, below forecasts for 0.4%.
Meanwhile, in New Zealand, trade data released Friday showed that New Zealand's trade surplus narrowed to NZ$285 million last month, from NZ$498 million in May. Analysts had expected the trade surplus to narrow to NZ$250 million in June.
In the week ahead, investors will be looking to the U.S. nonfarm payrolls report, due to be released one day early on Thursday for further indications on the strength of the labor market.
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The Kiwi seems to be taking a break and it has formed a Pennant or flag with a high at the 0.8793 level.
NZD/USD weekly outlook: July 7 - 11
The New Zealand dollar ended Friday’s session close to a one-week low against its U.S. counterpart, as a better-than-expected U.S. nonfarm payrolls report for June bolstered the outlook for the wider economic recovery.
NZD/USD hit 0.8716 on Thursday, the pair’s lowest since June 25, before subsequently consolidating at 0.8740 by close of trade on Friday, down 0.17% for the day and 0.43% lower for the week.
The pair is likely to find support at 0.8716, the low from July 3 and resistance at 0.8776, the high from July 3.
The U.S. dollar was boosted on Thursday after the U.S. Department of Labor said non-farm payrolls rose by a seasonally adjusted 288,000 in June, easily surpassing expectations for an increase of 212,000.
The previous month’s figure was revised up to a gain of 224,000 from a previously reported increase of 217,000.
The unemployment rate ticked down to 6.1% from 6.3% in May, the lowest in almost six years. The data was released a day early, ahead of the Independence Day holiday on Friday.
The upbeat jobs report bolstered the outlook for the broader economic recovery and revived speculation over when the Fed may start to raise interest rates.
In the week ahead, investors will be focusing on Wednesdays’ minutes of the Federal Reserve’s June meeting, with few other major U.S. economic reports on the calendar.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Monday and Friday as there are no relevant events on these days.
Tuesday, July 8
New Zealand is to publish private sector data on business confidence.
Wednesday, July 9
The Federal Reserve is to publish the minutes of its June meeting.
Thursday, July 10
New Zealand is to release private sector data on manufacturing activity.
Later Thursday, the U.S. is to release the weekly government report on initial jobless claims.
source
We are very attentive to another push higher on the NZDUSD, which could make it reach its August, 2011 high at the 0.8845 level.
Good support for the NZDUSD around the 0.8800 level. The price has formed some type of flag or pennant, but it could head higher.
Good support for the NZDUSD around the 0.8800 level. The price has formed some type of flag or pennant, but it could head higher.
It looks like a stable bullish trend on daily charts
nice consolidation on the kiwi with an intent of heading higher. lets see.