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/
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out