The NZD USD pair, also known as the kiwi, is one of the seven major currency pairs in the forex market; which is to say it attracts a lot of attention from traders all over the world. The New Zealand dollar (NZD) has a lot going on around it right now. In the new, we have that
- The reserve bank of New Zealand expects a two year inflation
- The REINZ house sales
- Business manufacturing PMI
All these and more are in the news about the NZD in just one day. No wonder is it one of the major currency pairs. As for the USD, it is the world currency reserve, the single most traded currency in the forex market and in the whole world in general. Again, it is no wonder these two keep really busy in the forex market all day long. Traders that are into trading the kiwi should at all time be aware of what is happening in the market as it relates to the NZD USD currency pair.
TECHNICAL ANALYSES IF THE NZD USD
In studying all the relevant happenings in the forex market concerning the kiwi, one should be keen to see the relationship between other commodities and the NZD USD. A lot of times in the past, it has been argued that forex trades are based on nothing – commodities go up and down anyhow. However, further study of the forex market has shown that that is not the case. There are factors that affect the forex market. These factors are what determine the price movement of a security. In the same light, the price movement of NZD USD is dependent on these factors and also on other commodities. Traders should find out about this and apply them to their benefit in trades.
Generally, from the charts, it can be seen that the overall positioning of the kiwi continues to hint that least resistance favors the downside. This is despite the fact that the New Zealand dollar a notable recovery against the US dollar. That notwithstanding, this currency pair is a stable one as can see in the series of supports defining the near term, all of which are intact.
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