Daily Forex update By Xtreamforex.com

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Daily Forex News Briefing 27/10/2016


FOREX NEWS

Dollar can strengthen again this week and the weakness of the major currencies can return.

The Dollar Index (98.71) is consolidating at the higher levels as expected. The uptrend will weaken only on a break below 98.30 and as of now, a new high around the resistance of 99.30-60 can’t be ruled out yet.

Euro (1.0899) has found rejection from the immediate resistance of 1.0950, keeping the chances of seeing 1.0820-1.0780 open in line with our expectations.

Dollar-Yen (104.42) has been stalling around the resistance of 105 for the last few sessions with increasing chances of a breakdown towards 103 in the near term.

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 NZD USD Forecast for the Week 28th November, 2016

The NZD traded against USD in a narrow rage and trying to recover from 0.70. The RBNZ sticks out in the first week of the last month. Here is an NZD USD forecast for the week of 28th November and undated technical analysis.
The US dollar continued to move higher on the “Trump effect”, but this wasn’t as stark as previously seen. In New Zealand, the trade balance deficit squeezed to 846 million, better than predicted and also credit card spending accelerated. However, core retail sales fell short.
There are 4 major economic events will come this week for NZD USD pair.
1. RBNZ Financial Stability Report
2. ANZ Business Confidence
3. Graeme Wheeler talks
4. Overseas Trade Index

NZD USD Forecast: Technical Overview
Previous week close: 0.7044
Current Week Open: 0.7053
Today’s Market Range: 0.7034 – 0.7090
52 wk Range: 0.6346 – 0.7487
1-Year Return: 8%

Weekly Support and Resistance Forecast
S 1: 0.7032
S 2: 0.7021
S 3: 0.7010
R 1: 0.7054
R 2: 0.7065

R 3: 0.7076

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