Forex Marketz Daily Forex News – Fully Markets Update
The New Zealand dollar Forex market (NZD/USD), also known as the Kiwi dollar has now broke below a key trend line support level at a rising five month long trend line. This suggests that a significant reversal for the Kiwi dollar is in the cards.
What is interesting to note, is that there is an up coming monetary policy meeting of the Reserve Bank of Australia. This selloff of the Kiwi could be Forex traders repositioning their books ahead of this monetary policy announcement by the RBNZ. Traders are expecting the RBNZ to stand pat on rates and signal that there are no future rate hikes or cuts on the near term horizon. This is sapping strength from their local currency, the NZD.
There is also regional news from North Korea which continues to threaten the United States saying the entire American country is now within its strike capability.
Kiwi Dollar Technical Analysis
Looking at today’s daily New Zealand dollar Forex market’s daily technical analysis, the next layer of technical support lines up at 0.7275. A daily close below this first downside barrier will see a challenge of the next layer of technical support that lines up at 0.7187.
The alternative technical analysis notes the first upside barrier lining up at 0.7385. A break above this first layer of resistance notes the next upside barrier lining up at 0.7450.
I do have a short NZD sale open right now and have booked partial profits at 0.7430. The original target was 0.7275 with a stop loss to be triggered with a daily close above 0.7450. The original entry price of this short sale was at 0.7395.
