NZD/USD: New Zealand dollar is testing 0.6700
Current trend
The New Zealand dollar shows weak growth against the US dollar in the Asian session, correcting after a noticeable decline on Thursday. Yesterday the rate of the New Zealand dollar showed sharp weakening, reacting to the aggravation of the situation in Ukraine. Later, with the opening of the American trading session, the "bearish" activity began to decline, and the instrument managed to retreat from its local lows of February 15.
Investors continue to open long positions in the asset, reacting to the "hawkish" rhetoric of the representatives of the Reserve Bank of New Zealand (RBNZ), who raised the key interest rate by 25 basis points to 1.00%. The regulator's decision was made to prevent the acceleration of inflation, which is currently at its highest level in more than 30 years.
Today, in addition to technical factors, the New Zealand dollar is moderately supported by strong macroeconomic statistics from New Zealand. Retail Sales volumes in the country in Q4 2021 showed an increase of 8.6% after a decrease of 8.1% in the previous period. Analysts had expected a much weaker growth to -2.2%.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range is slightly narrowed from below, being spacious enough for the current activity level in the market. MACD is trying to reverse downwards, having formed a new weak sell signal (the histogram is trying to consolidate below the signal line). Stochastic is showing a more active downtrend, signaling in favour of the development of corrective decline in the ultra-short term.
Resistance levels: 0.6732, 0.6761, 0.6800, 0.6840.
Support levels: 0.6700, 0.6650, 0.6600, 0.6568.
The New Zealand dollar shows weak growth against the US dollar in the Asian session, correcting after a noticeable decline on Thursday. Yesterday the rate of the New Zealand dollar showed sharp weakening, reacting to the aggravation of the situation in Ukraine. Later, with the opening of the American trading session, the "bearish" activity began to decline, and the instrument managed to retreat from its local lows of February 15.
Investors continue to open long positions in the asset, reacting to the "hawkish" rhetoric of the representatives of the Reserve Bank of New Zealand (RBNZ), who raised the key interest rate by 25 basis points to 1.00%. The regulator's decision was made to prevent the acceleration of inflation, which is currently at its highest level in more than 30 years.
Today, in addition to technical factors, the New Zealand dollar is moderately supported by strong macroeconomic statistics from New Zealand. Retail Sales volumes in the country in Q4 2021 showed an increase of 8.6% after a decrease of 8.1% in the previous period. Analysts had expected a much weaker growth to -2.2%.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range is slightly narrowed from below, being spacious enough for the current activity level in the market. MACD is trying to reverse downwards, having formed a new weak sell signal (the histogram is trying to consolidate below the signal line). Stochastic is showing a more active downtrend, signaling in favour of the development of corrective decline in the ultra-short term.
Resistance levels: 0.6732, 0.6761, 0.6800, 0.6840.
Support levels: 0.6700, 0.6650, 0.6600, 0.6568.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.