NZDUSD Technical Forecast


The 2 January NZDUSD Technical Forecast, shows that the pair now looks forward to the NZ GDT price index data and US final manufacturing PMI report for fresh trading impetus. Get updated.

2 January, GKFX– The NZD/USD pair resumed its recent upbeat momentum and reached fresh more-than two-month tops above 0.71 handle this Tuesday, having reversed a temporary drop witnessed on Friday.

Key Quotes

  • USD selling extends into 2018.
  • Benefits from higher oil prices, Chinese PMI.
  • US PMI, NZ GDT price index in focus.

NZD/USD: 200-DMA at 0.7136 – a whisker away

The sentiment around the Kiwi remains lifted on the back of ongoing weakness seen in the US dollar, with the DXY now flirting with three-month troughs of 91.80. Markets remain wary over the Fed rate hike outlook under Powell’s President and hence, continue to sell-off the buck in tandem with Treasury yields.

Additionally, an unexpected rise booked in the Chinese Caixin manufacturing PMI data for December also collaborated to the renewed uptick seen in NZD/USD. Meanwhile, the rally in oil prices also cannot be ruled out as one of the key factors behind the bullish momentum.

The pair now looks forward to the NZ GDT price index data and US final manufacturing PMI report for fresh trading impetus.

2 January NZDUSD Technical Forecast

The pair finds next resistances at 0.7136 (200-DMA), 0.7150 (psychological levels), 0.7172 (Oct 19 high). Meanwhile, the supports are located at 0.7089/84 (5-DMA, daily pivot), 0.7056 (10-DMA) and 0.7028 (100-DMA).

Disclaimer

This article “2 January NZDUSD Technical Forecast ” was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

    Share Your Opinion, Write a Comment