24 July NZDUSD Fundamental Analysis: Pair makes an unconvincing run for 0.68


The NZDUSD is trading into 0.6790, but struggling to make headway into the 0.6800 major level as Asian session markets wind through Tuesday. What levels should traders watch? Find out in the following 24 July NZDUSD Fundamental Analysis.

24 July, GKFX – Commodities continue to see price squeezes in risk-prone markets across the globe, keeping bearish pressure on the Kiwi elevated, and bullish moves in the overnight session are largely owing to a softening in the US Dollar, but overall market flows remain constrained with a thin calendar for the week ahead.

NZDUSD Fundamental Highlights

Kiwi traders will be keeping their eyes on late Tuesday’s Trade Balance figures for New Zealand, with the trade figures dropping at 22:45 GMT.

New Zealand’s m/m Trade Balance for June is expected to contract from $294 million to $200 million, while market median forecasts are expecting a decline in both imports and exports, with the steeper contraction going to June Exports, expected to shift lower from $5.42 billion to $5.06 billion, while June’s Imports are forecast to tick down slightly from $5.12 billion to $4.92 billion.

24 July NZDUSD Fundamental Analysis

As noted by FXStreet’s own Ross Burland,

“support is located at 0.6720 and resistance remains located at 0.6860. Bullishly, the price has held the 0.6760 level and is above the 100/21-hourly SMAs – this is where it was previously resisted by the 21-hr SMA when the price then managed to get above the 10-hr SMA and took RSI into overbought conditions.

0.6820 caps and there could be some consolidation down here before the next leg one way or the other. However, on a break of 0.6920, the bulls will be well back in control and could target the June highs. The 200-month moving average resistance at 0.7007 is next key level.”

Disclaimer

This article 24 July NZDUSD Fundamental Analysis 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.

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