Forex Marketz Daily Forex News – Fully Markets Update
Looking at the New Zealand dollar (NZD) on the above daily NZD/USD price action chart, this Forex market is under pressure as risk appetite is switched off supporting the safe haven U.S. dollar (USD).
The New Zealand dollar hit a low price point at 0.66 and has found support at the one hundred (100) day simple moving average (SMA). The NZD/USD currency exchange rate is now trading just below or around 0.69 to 0.70 during the Asian trade session.
All eyes remain on the United States as they are still counting votes. Democratic nominee Joe Biden has narrowed the fight in key battleground states and leads in the Electoral College count. President Donald Trump will contest the vote and has demanded a stop to counting ballots. Which he cannot do. We are not likely to know the unofficial results before Friday. Then the legal battles starts unless one of the candidates concedes which is not likely to happen.
As far as economic calendar is concerned, New Zealand, overnight, will publish quarterly inflation expectations. There are also two key central bank decisions scheduled today. The Federal Reserve Board (Fed) will announce their monetary policy and rate decision as well as release a monetary policy statement. The Bank of England is also announcing their monthly monetary policy and rate decision. The BOE will also release their monetary policy statement.
The U.S. Labor Department will publish weekly first time unemployment and continuing claims data. The European Union will release their economic forecasts. The Eurozone will announce their monthly retail sales. Germany, the Eurozone’s largest economy, will release monthly factory orders.
Daily New Zealand Dollar Technical Analysis (NZD/USD)
Looking at price action on the above NZD/USD Forex price chart, there is some upside momentum for the New Zealand dollar. There is support at a rising trend line as well as the 100 day simple moving average.
The 100 day SMA support level lines up at 0.6610/05. A daily close below this level bring 0.66 back into focus. The next key level of technical support lines up at 0.6560 with 0.65 lining up next.
The NZD/USD Forex market needs a daily close above 0.6720 in order to see a meaningful recover towards the upside barrier in play at 0.68.
