Key Points
- The New Zealand Dollar after trading as low as 0.7132 against the US Dollar started a recovery.
- The NZDUSD pair is currently attempting an upside break above a bearish trend line with resistance near 0.7170 on the hourly chart.
- Recently in New Zealand, the ANZ Commodity Price for August 2017 was released by the ANZ National Bank.
- The outcome was in line with the forecast, as there was a decline of 0.8%.
NZDUSD Technical Analysis
The New Zealand Dollar was under a lot of pressure lately and broke the 0.7200 handle against the US Dollar. The NZDUSD pair traded as low as 0.7132 and later started a recovery.
The pair is currently trading near the 21 hourly simple moving average and the 23.6% Fib retracement level of the last decline from the 0.7299 high to 0.7132 low. At the moment, the pair is currently attempting an upside break above a bearish trend line with resistance near 0.7170 on the hourly chart.
If buyers succeed in a close above 0.7180 and the 21 hourly SMA, there can be a test or even a break above the 0.7200 handle in the near term.
New Zealand ANZ Commodity Price
Recently in New Zealand, the ANZ Commodity Price for August 2017 was released by the ANZ National Bank. The market was positioned for a decline of 0.8% in the price compared with the last -0.8%.
The actual result was in line with the forecast, as there was a decline of 0.8%. The report added that:
Movements at the sub-category level were mixed. Six of the sub-components rose, eight fell and the remaining three were unchanged. The dip in the NZD against most major peers during August helped buffer local returns (+0.2% m/m), with the NZD index also 16% higher than 12 months prior.
Overall, there is a chance that the NZDUSD pair might continue to move higher and could even break the 0.7200 handle.
