Key Points
- The New Zealand Dollar made a nice upside move and traded above 0.7420 against the US Dollar.
- There was a break above a major resistance trend line at 0.7390 on the hourly chart of NZDUSD.
- Today in New Zealand, the Visitor Arrivals figure for June 2017 was released by the Statistics New Zealand.
- The outcome was above the forecast, as the Visitor Arrivals increased by 17.3% compared with the last 8%.
NZDUSD Technical Analysis
The New Zealand Dollar climbed higher this week and broke the 0.7400 and 0.7420 resistance levels against the US Dollar. The NZDUSD pair was able to clear the 21 hourly simple moving average and 0.7425 level to trade as high as 0.7440.
During the upside, there was also a break above a major resistance trend line at 0.7390 on the hourly chart of NZDUSD. The pair is currently correcting lower, but may find support near the 23.6% Fib retracement level of the last wave from the 0.7334 low to 0.7440 high.
However, the most important support is near the 0.7400 handle and the 38.2% Fib retracement level of the last wave from the 0.7334 low to 0.7440 high.
New Zealand Visitor Arrivals
Today in New Zealand, the Visitor Arrivals figure for June 2017 was released by the Statistics New Zealand. The market was positioned for a rise of around 10% compared with the last 8%.
The actual result was above the forecast, as the Visitor Arrivals increased by 17.3% compared with the last 8%. The report added that:
Annual net migration in the June 2017 year reached a new record high of 72,300, and Migrant arrivals were a record 131,400 and migrant departures were 59,100.
Overall, the NZDUSD pair is gaining pace and may soon break 0.7450 as long as it is above the 0.7400 handle.
