NZD/USD Forecast — New Zealand Dollar to Rise Further Vs US Dollar?
- - The New Zealand Dollar is slowly moving higher and is currently above 0.7250 against the US Dollar.
- - There is a key bullish trend line forming with support at 0.7250 on the hourly chart of the NZDUSD pair.
- - Today in New Zealand, the Trade Balance report for Feb 2018 was released by the Statistics New Zealand.
- - The outcome was above the market forecast of $150M as there was a trade surplus of $217M (MoM).
New Zealand Trade Balance
Today in New Zealand, the Trade Balance report for Feb 2018 was released by the Statistics New Zealand. The market was looking for a trade surplus of around $150M in Feb 2018 compared with the previous month.
The actual result was above the market forecast of $150M as there was a trade surplus of $217M. In terms of the yearly change, there was a trade deficit of $-3.02B, which was less than the last $-3.28B. The report stated:
Goods exports rose $446 million (11 percent) to $4.5 billion. Goods imports rose $187 million (4.6 percent) to $4.2 billion, a new high for total imports in a February month. The previous high was $4.1 billion, in February 2017.
The NZD/USD pair is currently placed nicely above the 0.7250 support and it looks set for more gains in the near term.
NZD/USD Technical Analysis
The New Zealand Dollar started a decent upside move from the 0.7200 swing low against the US Dollar. The NZD/USD pair traded higher and succeeded in breaking a couple of important resistance levels such as 0.7220 and 0.7250.
The pair is now trading well above the 0.7200 handle and the 100 hourly simple moving average. It moved above the last swing high of 0.7273 and it looks set to break the 1.236 Fib extension of the last decline from the 0.7273 high to 0.7228 low.
If buyers remain in action, there is a chance of it breaking the 0.7285 resistance as well. The next hurdle could be the 1.618 Fib extension of the last decline from the 0.7273 high to 0.7228 low at 0.7300.
On the downside, there is a key bullish trend line forming with support at 0.7250 on the hourly chart. Thus, any dips or short-term corrections are likely to find support near 0.7250.
Originally published at — ForexGator.com.