NZD/USD Forecast — New Zealand Dollar Accelerating Higher Vs US Dollar
- - The New Zealand Dollar started a decent upside move from the 0.7200–0.7210 support against the US Dollar.
- - There is a crucial bullish trend line in place with support at 0.7325 on the hourly chart of the NZD/USD pair.
- - Recently in New Zealand, the Visitor Arrivals for July 2018 was released by the Statistics New Zealand.
- - The outcome was above the forecast of -0.5% as there was a rise in the arrivals by 1.4% (YoY).
New Zealand’s Visitors Arrivals
Recently in New Zealand, the Visitor Arrivals for July 2018 was released by the Statistics New Zealand. The market was positioned for a decline of 0.5% in July 2018 compared with the same month a year ago.
The actual result was above the forecast of -0.5% as there was a rise in the arrivals by 1.4% (YoY). This was way above the last decrease of 7.8%. The report added that:
New Zealand residents departed on 2.96 million trips overseas, up 186,600 (7 percent), permanent and long-term arrivals were 129,000, down 3,100 (2 percent), permanent and long-term departures were 65,200, up 5,500 (9 percent), and the net gain in migrants was 63,800, down 8,600 from the July 2017 year.
The NZD/USD pair remains in a decent uptrend and it could continue to move higher towards the 0.6680 and 0.6700 levels in the near term.
NZD/USD Technical Analysis
The New Zealand Dollar formed a decent support near the 0.6610 level against the US Dollar. The NZD/USD pair started an upside move and traded above the 0.6640 resistance with a close above the 100 hourly simple moving average.
The pair broke the 0.6640 resistance and also cleared the 1.236 Fib extension level of the last decline from the 0.6638 high to 0.6610 low. The current price action is positive and it seems like the pair could accelerate above the 0.6660 level in the near term.
The pair is currently testing the 1.618 Fib extension level of the last decline from the 0.6638 high to 0.6610 low. A break and push above the 0.6655 level may perhaps open the doors for more gains towards 0.6680 and 0.6700.
Overall, the pair is gaining traction and dips towards the 0.6640 and 0.6620 levels remain supported in the near term. Below 0.6620, the pair could test the 0.6610 low.
Originally published at ForexGator.com.