New Zeland Trade balance will determine what's the next curve.

FXOpen

 

NZDUSD started this week in demand and bullish traders are collecting gains with ComDolls – a term used for "Commodities Dollars".
A weaker dollar helped currencies like NZD and AUD to become attractive by traders and investors.

Wednesday,the target reached by New Zealand dollar was at 0.8620 (fibonacci 61.8%).
The price needs of a pullback in next curve.

The 4H chart indicates a stronger currency.

New Zeland Trade balance will determine what's the next curve.

Shall we consider one next down curve ?

What was the main resistence zones reached on this day?

Kiwi breaks the first R1 at 0.8590 and the price continued to fly up to 0.8612 which is the 2nd resistance level.
If US durable Goods Orders reports a weak number, so we can expect doviness curve for Comdolls.


Technical Outlook:

Resistance 1: 0.8612
Resistance 2: 0.8590
Pivot 0.8560
Support 1:0.8545
Support 2: 0.8530

Pattern: Bullish engulfing
Stoch: Overbought
Trend: slightly Bullish


US Census Bureau will release Durable Goods Orders which traders are forecasting 1.0% from -1.0%.
Also, dollar will react with Durable Goods Orders ex Transportation and 5-Year Note Auction news.

Particullarly speaking, Kiwi will continue flying up if USD had not a good performance.

It is interesting to see that NZDUSD needs of a corrective curve.
In a few hours the candles can demonstrate exhaustion and potentially a new bearish engulfing are coming up.
All depends of New Zealand Trade Balance today.

Some reports for Wednesday:

NZ Exports
NZ Imports
NZ February Trade Balance (MoM)
NZ February Trade Balance (YoY)
New Zealand RBNZ’s Spencer to Speak on Macro-prudential policy
US Feb. Durable Goods Orders
US Mar. Markit US Composite and Services PMI Surveys
US Fed’s Bullard to Speak

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Indices

Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession

Technically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and

Cryptocurrencies

DOGE Price Increases by 170% in Less Than 2 Months

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano

Commodities

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.