Forex Marketz Daily Forex News – Fully Markets Update
Looking at the New Zealand dollar (NZD) and above four hour NZD/USD four (4) hour MT 4 chart, this benchmark currency exchange rate has dropped to 0.6693 during the Asian trade session.
The New Zealand dollar started to weaken after the Reserve Bank of New Zealand (RBNZ) released their stress test that showed the severity of the economic blow dealt by the coronavirus (Covid-19) global pandemic.
Yesterday, the Federal Reserve said that there were no rate hikes on the horizon. It could be years before they hike rates again.
New Zealand has no economic data on their economic calendar heading into the end of the week. The United States will release weekly first time unemployment claims data as well as weekly continuing claims. The U.S. will also publish the monthly CB leading index and the University of Michigan is releasing their preliminary monthly consumer sentiment index.
The European Union will release their current account and Germany is publishing monthly factory gate prices. This is known as the producer price index (PPI). The United Kingdom will release monthly retail sales data. Canada is publishing monthly core and headline retail sales data as well as monthly wholesale prices.
Daily New Zealand Dollar Technical Analysis (NZD/USD)
Looking at the above MT 4 price chart, the New Zealand dollar is challenging an ascending trend line in play since 8 September. A daily close below this trend line will open the door to test the two hundred (200) hour moving average which lines up at 0.6638. The next layer of technical support then lines up at the key round number of 0.66.
In order to see a trend reversal, an extended close above 0.6690 is needed for the NZD/USD Forex market to challenge the upside barrier in play at 0.6720.
The next upside barrier lines up at 0.6760. A daily close above 0.6760 will bring the upside barrier lining up at 0.6790 into play. The next layer of technical resistance comes into play at the key level of 0.68.
