New Zealand Dollar Rises Sharply Above 0.6700


The New Zealand dollar rose sharply against the US dollar this week, after much better than expected unemployment data from the New Zealand economy and a more hawkish tone from the Reserve Bank of New Zealand.

November 9, OctaFX  The NZDUSD pair surged towards the 0.6800 level as the nations unemployment rate tumbled to its lowest level since 2008, hitting 3.9 per cent.

The RBNZ monetary policy statement also emphasized the recent positive developments in the New Zealand economy, but maintained rates were likely to remain low for some time to come.

NZDUSD Technical Outlook

  • The NZDUSD pair is bullish while trading above the 0.6700 level, key resistance is found at the 0.6855 and 0.6910 levels.
  • If the NZDUSD pair trades below the 0.6700 level, key support is found at the 0.6655 and 0.6585 levels.

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.

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