Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: NZD/USD struggles at 20-DMA, focus on GDT dairy auction for further impetus

  • Kiwi subdued on the day ahead of GDT dairy auction and RBNZ  (due Wednesday).
     
  • Technical studies support upside, but the pair is struggling to extend gains above 20-DMA at 0.7045.
     
  • Break above 20-DMA could see test of 100-DMA at 0.7111.
     
  • But on the flipside, close below 5-DMA could drag the pair to test 0.6916 (50% Fib of 0.6347 to 0.7485 rally).
     
  • Data released earlier today showed NZ visitor arrivals m/m at 1.9%, while net migration arrived 6000 vs the previous 6,500.
     
  • Focus on GDT dairy auction later today, which is priced by futures to show a WMP price fall of 5%, potentially weighing heavily on the bird.
     
  • Expectations are for the RBNZ to stay pat, but there’s a risk of a slight dovish shift in tone due to weaker dairy prices, subdued housing, and slower economic growth.
     
  • NZIER shadow board stated that the RBNZ should maintain interest rates at 1.75% with a tightening bias.

Support levels - 0.7028 (5-DMA), 0.6975 (Mar 17 low), 0.6916 (50% Fib of 0.6347 to 0.7485 rally).

Resistance levels - 0.7045 (20-DMA), 0.7075 (38.2% Fib retrace of 0.7375 to 0.6890 fall), 0.7110 (100-DMA).

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral               Neutral       
4H          Neutral               Neutral       
1D          Bullish                Neutral        
1W         Neutral                Neutral      

Recommendation: Good to go long on breakout above 20-DMA at 0.7045, SL: 0.70, TP: 0.7080/ 0.71/ 0.7150

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 97.4315(Bullish), while Hourly USD Spot Index was at -87.3146(Bearish) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

2017-03-23 08:00:49
0m

March 23 07:45 UTC Released

FRBusiness Climate

Actual

104 %

Forecast

107 %

Previous

107 %

March 23 07:00 UTC Released

TRConsumer Confidence*

Actual

67.8 %

Forecast

Previous

65.70 %

March 23 09:30 UTC 7171m

GBRetail Sales MM

Actual

Forecast

0.4 %

Previous

-0.3 %

March 23 09:30 UTC 7171m

GBRetail Sales Ex-Fuel MM

Actual

Forecast

0.4 %

Previous

-0.2 %

March 23 09:30 UTC 7171m

GBRetail Sales YY

Actual

Forecast

2.6 %

Previous

1.5 %

March 23 09:30 UTC 7171m

GBRetail Sales Ex-Fuel YY

Actual

Forecast

3.1 %

Previous

2.6 %

March 23 11:00 UTC 161161m

GBCBI Distributive Trades

Actual

Forecast

5 %

Previous

9 %

March 23 12:30 UTC 251251m

USJobless Claims 4-Wk Avg

Actual

Forecast

Previous

237.25 k

March 23 12:30 UTC 251251m

USInitial Jobless Claims

Actual

Forecast

240 k

Previous

241 k

March 23 12:30 UTC 251251m

USContinued Jobless Claims*

Actual

Forecast

2.035 mln

Previous

2.030 mln

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.