Mar. 3, 2021
The Kiwi today at a glance – NZD/USD is trading steadily today, ranging between 0.7305 and 0.7286 and is now at 0.7287. The United States ADP Nonfarm Employment Change (Feb) is next. (Trade New-Zealand Dollar with FXTM now).
New-Zealand Dollar technical analysis picture ahead of data: visual analysis of the New-Zealand Dollar's price graph shows the Kiwi's nearest support level is at 0.7113. In terms of trend indicators, we can see that at 0.7285, the Kiwi made an initial breakout below the 10 day Simple Moving Average, an indication of a negative trend.
Overall, looking at the technical analysis landscape, it seems the Kiwi is likely to start pointing downward in the short term.
As the market gets ready for data release – SSE is up 1.45%.
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 for the Kiwi – New Zealand RBNZ Gov Orr speech is scheduled today at 8:15 PM. United States Crude Oil Inventories are expected to decline to -928,000 when its preceding data was 1.28 million, data will be available today at 3:30 PM.
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