Key Points
- The New Zealand Dollar tumbled recently and traded towards 0.6920 against the US Dollar.
- The NZDUSD pair broke a major connecting support trend line at 0.6980 on the hourly chart to ignite a downside wave.
- Today in New Zealand, the Visitor Arrivals for March 2017 (YoY) was released by the Statistics New Zealand.
- The outcome was below the forecast, as there was a decline of 0.2% in March 2017, well below the last +1.8%.
NZDUSD Technical Analysis
The New Zealand Dollar struggled a lot recently against the US Dollar, and made a downside move below the 0.6990 and 0.6950 support levels. During the downside move, the NZDUSD pair broke a major connecting support trend line at 0.6980 on the hourly chart.
The pair traded as low as 0.6921 and currently attempting a recovery. An initial resistance is around the 23.6% Fib retracement level of the last decline from the 0.7047 high to 0.6921 low at 0.6950.
Moreover, the 0.6950 resistance also coincides with a bearish trend line on the same chart. Above, it, the 50% Fib retracement level of the last decline from the 0.7047 high to 0.6921 low at 0.6984 may act as a major hurdle.
New Zealand Visitor Arrivals
Today in New Zealand, the Visitor Arrivals report for March 2017 (YoY) was released by the Statistics New Zealand. The forecast was lined up for the Visitor Arrivals to increase by around 1% in March 2017, compared with the same month a year ago.
The result was below the forecast, as there was a decline of 0.2% in March 2017, well below the last +1.8%. The report stated that “Migrant arrivals numbered 129,500 in the March 2017 year, a new annual record, Stats NZ said today. Migrant departures were 57,600 in the 12 months to March 2017”.
Overall, the NZDUSD pair may continue to slide, and any rallies towards 0.6950 may find resistance on the upside.
