CommoditiesTrader

NZDUSD Fib. Retracement Outlook

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
The kiwi has been able to stable a relatively impressive entrancement, following the volatility in the dollar. I first noticed the rally yesterday after it was reported that US President Obama voiced his concern over a stronger US dollar             ; and all dollar-pegged currencies jumped.

Here is my original tweet prior to the surge: https://twitter.com/Lemieux_26/status/607946705665982465

It is no wonder on why POTUS would say that (whether he did or did not is irrelevant). The US is carrying almost $19 trillion is public debt, roughly $8 trillion was added since Obama went into office - the most by a single president ever. Higher rates simply equal either interest on created debt.

The NZDUSD             has been able to fully retrace the sharp decline after Friday's non-farm payrolls report, but is seeing resistance at .7177.

A Fib. retracement on the 4H shows that a 23% retracement from the bottom would see prices at .7200, which aligns with price action resistance.

The New Zealand central bank's rate decision will be out tomorrow evening. Accoding to a Bloomberg survey via Ashraf Ladi, six of 16 economists believe the central bank will cut rates. This comes after multiple rate increases last year on the back of a "stronger" economy.

Near-term price support can be seen at .7150, .7120 and .7085.

Near-term resistance will first be challenged by minor descending channel downward trend, while .7200 could provide a level of resistance (Fib. 23 retracement and a psychological whole number level).

If price action can close above .72, upside potential is found at .7217, .7252 and .7270.

Feel free to contact me or check out my work:
Twitter: lemieux_26
Bullion.Directory: http://bullion.directory/about-bullion-directory/christopher-lemieux/
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out