New Zealand Dollar

NZD/USD Analysis – New Zealand Dollar Remains Well Bid Vs US Dollar

  • The New Zealand Dollar settled above a major resistance area at 0.7460 against the US Dollar.
  • There is a crucial bullish trend line forming with support at 0.7485 on the hourly chart of NZD/USD.
  • Today in New Zealand, the Building Permits for June 2017 was released by the Statistics New Zealand.
  • The result was on the lower side, as there was a decline of 1% compared with the previous month.

NZD/USD Technical Analysis

The New Zealand Dollar is in a decent uptrend and placed well above a major resistance of 0.7460 against the US Dollar. Recently, the NZD/USD pair traded towards the 0.7550 level where it faced sellers and started a correction.

The pair moved down and traded towards the 0.7460 support area where buyers successfully defended losses.

A recovery started and the pair traded above the 50% Fib retracement level of the last decline from the 0.7550 high to 0.7460 low.

NZD/USD Hourly Chart

NZD/USD Technical Analysis New Zealand US Dollar

On the downside, there is a crucial bullish trend line forming with support at 0.7485 on the hourly chart of NZD/USD.

The pair recently failed near a bearish trend line and the 61.8% Fib retracement level of the last decline from the 0.7550 high to 0.7460 low.

There is a chance of a downside move towards the 0.7485-90 levels, but the pair is most likely to remain in an uptrend in the near term.

New Zealand Building Permits

Today in New Zealand, the Building Permits for June 2017 was released by the Statistics New Zealand. The market was expecting an increase of around 2% compared with the previous month.

The actual result was on the lower side, as there was a decline of 1%, which was a lot less than the last revised increase of 7%. In terms of the yearly change, there was an increase of 4.7% in June 2017, compared with the same month a year ago.

Commenting on the same, the accommodation, and construction senior manager, Jason Attewell, stated:

Annual new home numbers are nearing those last seen in 2004, although they remain well below the all-time peak of the mid-1970s when consents reached about 39,000 a year.

Overall, the NZD/USD pair may correct a few pips lower towards 0.7485, but likely to remain well-bid in the near term.

About Aayush Jindal 109 Articles
With over 10 years of experience and still counting, Aayush posses great technical and fundamental analysis skills in the Forex, Cryptocurrency and Financial Markets. His Analysis are well-know and famous for engaging with viewers easily. He is from IT background with a lot of passion in the Forex and Cryptocurrency Arena.


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