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:

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.

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Twitter: lemieux_26
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