New Zealand dollar and the Canadian dollar might continue to struggle against the US dollar, as sellers could gain strength in the near term.
Chinese Trade Balance measuring balance between exports and imports of total goods and services released by the General Administration of Customs of the People’s Republic of China registered a trade surplus of $60.60B in February 2015, compared to the forecast of $10.80B.
In New Zealand, the Manufacturing sales, released by Statistics New Zealand registered a reading of 0.9% in the fourth quarter of 2014, compared to the last increase of 0.4%.
Japanese Bank lending, released by Bank of Japan registered a reading of 2.5% in February 2015, compared to the same month a year ago and last reading was at 2.5%.
Japanese Gross Domestic Product released by the Cabinet Office registered a growth rate of 0.4% in the fourth quarter of 2014, compared to the preceding quarter of 2014.
In terms of the yearly change, the Japanese GDP registered a reading of 1.5%.
Japanese Trade Balance released by the Customs Office registered a reading of ¥-864.2B in January 2015, compared to the last reading of ¥-395.6B.
The New Zealand climbed recently against the US dollar, but failed miserably around the 0.7600 resistance area. The most important point was the fact that the 61.8% fib retracement level of the last leg from 0.7889 high to 0.7180 was also sitting around the same area. There was a bullish trend line on the 4 hour chart of the NZDUSD pair, which was broken by the US dollar buyers recently. This particular break is very crucial, as it has paved the way for more downsides in the near term. It might be heading back towards the last swing low of 0.7200 in the near term.
Intraday Support Level – 0.7300
Intraday Resistance Level – 0.7400
Overall, as long as the pair is below the 0.7450 level it might continue trading lower.
A break above the same could ignite more gains moving ahead.
If the NZDUSD pair moves higher from the current levels, then the last support around the 0.7400-20 area might now act as a barrier for the pair.
The US dollar rocketed higher against all major currencies, including the Canadian dollar. There was a bearish trend line on the daily timeframe of the USDCAD pair, which was broken recently. The pair tested the 38.2% fib retracement level of the last leg from the 1.1799 low to 1.2792 high on more than three occasions recently, but failed to break it. The daily RSI is well above the 50 level, which suggests that the US dollar buyers are here to stay and more upsides are possible in the short term.
Intraday Support Level – 1.2550
Intraday Resistance Level – 1.2680
Buying dips around the broken trend line look like a good option.
A break below the same might call for more losses moving ahead.
On the upside, the 1.2680 level might act as an initial barrier for the pair.
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New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.
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