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Forex

New Zealand Dollar Remains Low

OctaFx | Oct. 9, 2018
New Zealand Dollar Remains Low

9 October, OctaFX – The New Zealand dollar was lower than the USD even after positive confidence numbers. The numbers from the National Australian Bank (NAB) showed that confidence rose to 6, which was higher than the 5 that traders were expecting.

This ended a slide that started a few months ago after the confidence number reached 13. This is probably a reflection of the fact that executives are more optimistic that the trade war issue will be resolved.

NZDUSD Remains Lower

The NZDUSD pair remained at low levels after positive confidence numbers from New Zealand. The pair is trading at the 0.6448 level which is slightly higher than yesterday’s close of 0.6426.

The RSI has moved from the oversold level of 17 and is currently at 32. Since this happened amidst low volume, this could be a false breakout. Traders should continue to monitor the pair before initiating any trades.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.


Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.