Current trend

On Tuesday, the US dollar strengthened against the New Zealand dollar. The pair NZD/USD reached the level 0.6747 but then a correction followed. The US currency was supported by the publication of US Consumer Confidence Index for June, which was 101.4 points compared to 97.3 points ahead of the data. Last month the Index was 94.6. Moreover, yesterday Greece asked European partners for a two-year aid package and a debt restructuring to cover its financing needs. Amid this situation, the US dollar is strengthening as a relatively safe haven.

Building Permits Index in New Zealand - a leading indicator of the housing market - did not change, which is a positive result from the 1.7% slide in the last month.

Today Manufacturing PMI Index is published. The indicator should rise to 53.1 from 52.8 earlier, which may affect the New Zealand dollar.

Support and resistance

The nearest resistance level is 0.6850 - the maximum of this week.

Support level is 0.6750 – yesterday’s minimum.

Trading tips

Open long positions from the level 0.6800 with stop loss at 0.6750 and target at 0.6850.

NZD/USD: general analysis




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