NZD/USD has been quite corrective being resided at the edge of support area at 0.6800. New Zealand has posted some downbeat economic reports recently, which led the currency to lose some grounds against USD. Today NZ Manufacturing Sales report was published with decrease to 0.5% from the previous value of 3.4%. However, it did not quite affect the currency and USD has not been able to dominate by now. On the USD side, today the Average Hourly Earnings report is going to be published which is expected to increase to 0.3% from the previous value of 0.0%. Besides, the Non-Farm Employment Change is expected to decrease to 198k from the previous figure of 261k and the Unemployment Rate is expected to be unchanged at 4.1%. Along with these high impact economic reports, USD Prelim UoM Consumer Sentiment report is going to be published which is expected to have a slight increase to 99.0 from the previous figure of 98.5. The Final Wholesale Inventories report is expected to be unchanged at -0.4% and the Prelim UoM Inflation Expectations is expected to have a better result over the previous value of 2.5%. As of the current scenario, if the US high-impact reports are published with better than expected results today, then we might see another impulsive move downward which is expected to create new lows in the coming days. This scenario is speculated to be more probable now.
Now let us look at the technical view. The price is being held by the dynamic level resistance of 20 EMA which is showing that further bearish move is on the way. Inside the range between 0.68 to 0.70 area the recent lower highs indicate a pre-breakout structure where the price is found to be more probable to break below the 0.6800 support area towards 0.6700 and later towards 0.65 support area in the future. As the price remains below the dynamic level, the bearish pressure is expected to continue further.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Rocky Yaman,
InstaForex Group © 2007-2017
Benefit from analysts’ recommendations right now
Top up trading account
Get a bonus from InstaForex
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.
Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at firstname.lastname@example.org
Follow us on twitter @newsbeatportal
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535
Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.