Mar. 3, 2021
The Kiwi today at a glance – NZD/USD posts light gains on a low-volatility day, ranging between 0.7305 and 0.7282 and is now at 0.73. United States ADP Nonfarm Employment Change (Feb) data will be released today at 1:15 PM, with an expected decline to 177,000. (Start trading New-Zealand Dollar at FXTM today).
New-Zealand Dollar technical analysis picture ahead of data: The chart pattern study shows the nearest resistance level is at 0.7435. In terms of trend indicators, we can see that although up today, worth noting that earlier the New-Zealand Dollar dropped below the 10 day Simple Moving Average when it was trading at 0.7285, usually an indication that a negative trend is ahead.
Overall, looking at the technical analysis landscape, it seems the New-Zealand Dollar is likely to reverse course and start pointing down in the short term.
As the market gets ready for data release – HANG SENG INDEX is up 2.51%. SSE is up 1.95%.
Earlier data released related to the Kiwi – data for New Zealand Building Consents (MoM) (Jan) was released yesterday at 9:45 PM and suggests a downwards trend of 2.1, while previous data was 5.1. The New Zealand Retail Price Index was released yesterday at 3:20 PM with a figure of 15, This is better than the previous number of three.
Coming up is the Kiwi – New Zealand RBNZ Gov Orr speech set for today at 8:15 PM. United States Crude Oil Inventories seem to be pointing downwards with an expected -928,000 while the preceding figure was 1.28 million, New data will be released today at 3:30 PM.