NZD/USD: investors hope for a quick recovery in New Zealand tour
Current trend
Against the backdrop of a slowdown in the growth of the US dollar, the NZD/USD pair is correcting within an uptrend near 0.6975.
The positive dynamics of the instrument are supported by the news about the lifting of most coronavirus restrictions within the country. Yesterday, Prime Minister Jacinda Ardern announced that from April 4, the mandatory presence of a QR code to visit public places was canceled. From April 12, tourists from Australia will be able to visit the country, and from May 1, tourists from many other countries, including the USA, Canada, the UK, and EU countries, will visit the country. This news is a very positive signal since the tourism industry annually brought up to 5% of the total GDP to the country's budget, and for the last two years, this income was almost completely absent.
The US dollar index is trading at stable levels, falling slightly yesterday to 98.400. The reason for the negative dynamics was poor data on basic orders for durable goods, which fell by 0.6% in February against an increase of 0.8% in January. Bookings fell even further, by 2.2%, well below the 1.6% rise a month earlier.
Support and resistance
The asset moves within the local channel, rising along the resistance line. Technical indicators maintain a stable buy signal: fast EMAs on the Alligator indicator are significantly above the signal line, and the AO oscillator histogram forms rising bars in the buying zone.
Resistance levels: 0.7021, 0.7203.
Support levels: 0.6925, 0.6739.
Against the backdrop of a slowdown in the growth of the US dollar, the NZD/USD pair is correcting within an uptrend near 0.6975.
The positive dynamics of the instrument are supported by the news about the lifting of most coronavirus restrictions within the country. Yesterday, Prime Minister Jacinda Ardern announced that from April 4, the mandatory presence of a QR code to visit public places was canceled. From April 12, tourists from Australia will be able to visit the country, and from May 1, tourists from many other countries, including the USA, Canada, the UK, and EU countries, will visit the country. This news is a very positive signal since the tourism industry annually brought up to 5% of the total GDP to the country's budget, and for the last two years, this income was almost completely absent.
The US dollar index is trading at stable levels, falling slightly yesterday to 98.400. The reason for the negative dynamics was poor data on basic orders for durable goods, which fell by 0.6% in February against an increase of 0.8% in January. Bookings fell even further, by 2.2%, well below the 1.6% rise a month earlier.
Support and resistance
The asset moves within the local channel, rising along the resistance line. Technical indicators maintain a stable buy signal: fast EMAs on the Alligator indicator are significantly above the signal line, and the AO oscillator histogram forms rising bars in the buying zone.
Resistance levels: 0.7021, 0.7203.
Support levels: 0.6925, 0.6739.