The New Zealand dollar continues to decline against the US one.
Strengthening of USD is largely due to the Fed's protocols published yesterday: the likelihood of an increase of the key interest rate in September exceeds 85%. Also, officials expressed their concern about trade wars, which could significantly slow the growth of the economy. US-China negotiations have not brought any result yet. NZD is affected by a fall in prices for oil and precious metals. Brent crude oil lost about 0.2%, falling to USD 74.6 per barrel. An increase in gasoline reserves by 1.2 million barrels was also a negative factor for the commodities.
Today, Initial Jobless Claims, the housing price index, and Markit Services PMI will be published.
Support and resistance
Stochastic is at the level of 18 points and indicates the possible correction.
Resistance levels: 0.6683, 0.6713.
Support levels: 0.6652, 0.6622.
Short positions may be opened from the current level with take-profit at 0.6652 and stop loss at 0.6695.
New Zealand Dollar vs US Dollar
|Support levels||0.6622, 0.6652, 0.6683, 0.6713|
The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.