- The New Zealand Dollar after a solid rise towards 0.6950 found resistance against the US Dollar.
- The NZDUSD pair moved down, and broke a major bullish trend line at 0.6900 on the hourly chart.
- The New Zealand Visitor Arrivals for April 2017 released by the Statistics New Zealand posted an increase of 21.5%, more than the forecast of 8%.
NZDUSD Technical Analysis
The New Zealand Dollar traded nicely during the past few days, and traded above 0.6900 against the US Dollar. The NZDUSD pair traded as high as 0.6948 where it faced offers and started a downside move.
The pair fell, and pierced the 38.2% Fib retracement level of the last wave from the 0.6861 low to 0.6948 high, which opened the doors for more downsides in the near term.
Later, the pair broke a major bullish trend line at 0.6900 on the hourly chart.
NZDUSD Hourly Chart
To add to the bearish pressure, the pair even cleared the 61.8% Fib retracement level of the last wave from the 0.6861 low to 0.6948 high.
At the moment, the pair is trading below 0.6900 near 0.6880. There is a chance of a minor correction with resistance on the upside at 0.6905 and 0.6910.
The overall trend is now bearish for NZDUSD in the short term with a chance of a move towards 0.6860.
New Zealand Visitor Arrivals
Today in New Zealand, the Visitor Arrivals figure for April 2017 was released by the Statistics New Zealand. The market was expecting an increase of 8% in the Visitor Arrivals in April 2017, compared with the same month a year ago.
The actual result was better than the forecast, as the Visitor Arrivals rose 21.5%. It was a positive increase, and as per the report, 71,900 more migrants arrived in April 2017 year in New Zealand than left. Moreover:
Migrant arrivals numbered 129,800 in the April 2017 year, a new annual record, while migrant departures were 57,900. By country of last permanent residence, the largest sources of student migrants were India (25 percent), China (23 percent), Philippines (6 percent), and South Africa (5 percent).
Overall, the NZDUSD pair may correct a few pips towards 0.6890, but likely to remain under bearish pressure.