The New Zealand dollar fell for a second consecutive week, fading risk sentiment. The rate decision is next week main event. Here is an overview of the development of New Zealand, and a technical analysis update for the NZD / USD
Last week got the approval of construction rose 8.3% in January after a revised 2.6% in December and business confidence in January 28th from16. 9 NBNZ February shows an improvement in the New Zealand economy. Will continue this positive trend?
NZD / USD daily chart, with the support and resistance lines on this issue. Click to enlarge:
Rate decision: Wednesday, 20:00 clock. The Reserve Bank of New Zealand (RBNZ) kept its key rate to 2.5% and maintained its monetary policy, gave the deteriorating outlook for the global economy and national level. New Zealand Manufacturers and Exporters Association (NZMEA) New Zealand Government’s request to do more to stimulate exports and the use of orthodox monetary policy is to slow down in other countries, such as printing more money practices, the value of the New Zealand dollar. The rate should remain at 2.5%.
Production, sale. Wednesday, 21.45 clock New Zealand manufacturing industries in the third quarter with a flatbed scanner, is weakened by a growth of 2.1% in the second quarter. A possible reason for this decline is a temporary slowdown in the manufacturing sector in the Rugby World Cup with the uncertainty of the global financial landscape. An increase of 0.3% is now expected.
* All times are GMT.
NZD / USD Technical Analysis
Kiwi / dollar began the week with a rise and fight on the line of 0.84.An upward movement did not last long, and the couple returned to the range from 0.8340 to 0.84 (discussed last week). Eventually he moved lower, closing at 0.8288.
Technical routes, from top to bottom:
We go from a low point this week. 0.8680 was the high ground support is a line of smaller resistance in the distance. 0.8620 monitors and also leave with a good grade in the summer.
0.8573 is a line of stiff resistance in August 2011 and is still of great importance. 0.8505 was a high point in the road during the month of July. A rise in February 2012 fell below this line.
0.84 They range in August 2011 and separated earlier served as a support when the kiwi traded higher. Although this line was recently injured, still serves as the border seriously. 0.8340 was a peak in September and now returns to support. It was a hard line of the fight in February 2012.
0.8240 was a peak in October and May 2011. He showed his strength in January 2012 and will soon be tested again if the pair falls. Moving lower, we find 0.8165. Support was given to the couple several times, most recently in October. Then a rising, its strength is weaker.
0.8110 support positions in August, has the added resistance and change, is a small line. Now on the way down. 0.8070 in October, the strength and support in advance .. It was also tested in January.
The round figure of 0.80 was the crown of the couple in November and is still of great importance, mainly because of its psychological significance. Another round number, 0.79 is now stronger resistance after capping an increase in early 2012.
0.7840 worked as a cover for a wide and before the couple was arrested in October. Then there was a lot stronger in December, the feast of the series. The couple moved in the last days of 2011, but could not really challenge it. 0.7773 is the base of a pallet in the spring of 2012 and again in December.
Supported 0.77 in December and now is the support of minor importance. 0.7637 a swing low in September, when its strength as Swing Low in December. This is always a strong, after an attempt to plug a recovery in December.
0.7550 are now a more important role after working as a clear line between ranges. I had a similar role again in January.
I’m bearish on the NZD / USD
little bernanke dance on the improvement of employment certainly knocked the wind out of the QE3, one of the most important engines of more than kiwi. Greece with adherence to a cliff, inside buildings, there is little room in the case of currency risk as the kiwi.
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