NZD/USD Forecast — New Zealand Dollar Surging Higher Vs US Dollar

  • - The New Zealand Dollar is placed nicely above the 0.6600 support against the US Dollar.
  • - There is a crucial bullish trend line in place with support at 0.6605 on the hourly chart of the NZD/USD pair.
  • - Recently in New Zealand, the Gross Domestic Product for Q2 2018 was released by the Statistics New Zealand.
  • - The outcome was above the forecast of 0.8% as there was a rise in the GDP by 1% (QoQ).

New Zealand’s Gross Domestic Product

Recently in New Zealand, the Gross Domestic Product for Q2 2018 was released by the Statistics New Zealand. The market was positioned for a rise of around 0.8% in the GDP compared with the previous quarter.

The actual result was above the forecast of 0.8% as there was a rise in the GDP by 1%. Looking at the yearly change, there was a rise of around 2.8% in Q2 2018, more than the forecast of 2.5% and better than the last revised reading of 2.6%.

The NZD/USD pair made a nice upside move and it is currently placed nicely above the 0.6600 and 0.6610 support levels.

NZD/USD Technical Analysis

The New Zealand Dollar started a decent upside move from the $0.6530 swing low against the US Dollar. The NZD/USD pair gained traction, traded above the 0.6600 resistance, and also settled above the 100 hourly simple moving average.

NZD/USD Technical Analysis New Zealand Dollar US Dollar

The pair even broke the 0.6625 and 0.6630 resistance levels. The recent high was 0.6651 before the pair started trading in a range. An initial support is near the 23.6% Fib retracement level of the last wave from the 0.6600 low to 0.6651 high.

During the rise, the pair broke a connecting bearish trend line at 0.6620, which could now act as a support. Moreover, there is a crucial bullish trend line in place with support at 0.6605 on the hourly chart of the NZD/USD pair.

An intermediate support is near the 50% Fib retracement level of the last wave from the 0.6600 low to 0.6651 high at 0.6626. Therefore, dips remains supported above the 0.6600 level in the near term. On the upside, a break above 0.6650 could push the pair towards 0.6675.


Originally published at ForexGator.com.