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Key Highlights
- The New Zealand Dollar is based on 0.6710 and moved higher against the US Dollar.
- The NZD / USD is a key to a bearish trend line with resistance at 0.6820 on the 4
- The US Manufacturing PMI in July 2018 (Prelim) 55.4 tom 55.5.
- The New Zealand Trade Balance in June 2018 posted a deficit of $ 113M (MoM), compared with the forecast of $ 200M surplus.
NZDUSD Technical Analysis
The New Zealand Dollar formed a decent bottom of the 0.6700 level against the US Dollar. The NZD / USD is a couple of important resistances near 0.6840-0.6850
Looking at the 4-hours chart, the peer tested the 0.6720 support area on a couple of occasions , but sellers failed to gain momentum. As a result, was a decent bounce and the peer managed to move the 0.6760 resistance and the 100 simple moving average (red, 4-hours).
At the outset, the peer is attempting to close a bearish key trend line with resistance at 0.6820. However, the pair needs to move to the bottom of the bargain.
Above 0.6840-50, the pair is likely to gain traction towards the 0.6900 and 0.7000 levels. SMA, it could decline once again
On the downside, supports are seen near 0.6765 and 0.6750. Below this last, the peer may revisit the 0.6710-20 support area.
Recently in the US, the PMI Manufacturing for July 2018 (Prelim) was released by the Markit Economics. The market was looking for no change in the PMI from the last reading of 55.4.
The actual result was positive in the PMI from 55.4 to 55.5. There is a minor dip in NZD / USD, but the pair is still well supported above the SMA
Economic Releases to Watch Today
- German IFO Business Climate Index for July 2018 – Forecast 101.5, versus 101.8 previous
- German 2018 – Forecast 104.8, versus 105.1 previous
- German futures index for July 2018 – Forecast 98.1, versus 98.6 previous
- UK's CBI Distributive Trades July 2018 (MoM) – Forecast 15%, versus 32% previous
- US New Home Sales for June 2018 (MoM) – Forecast -2.8% versus + 6.7% previous.
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