NDZ/USD Declines Further To Multi-Month Low, US Dollar Gaining Across-Board.
- Below 0.6100, NZD/USD fell to a new multi-month low.
- GBP/USD remained below 1.1620 as EUR/USD soared below the 0.9900 support.
- The resistance levels of 141.50 and 142.00 were breached by the USD/JPY.
- In Q2 2022, the Euro Zone GDP may increase by 0.6%. (QoQ).
Technical Analysis of NZD/USD
The pivot point of 0.6300 for the New Zealand dollar against the US dollar remained unbroken. The NZD/USD pair fell below the 0.6150 and 0.6100 support levels, entering a more negative area.
The pair has consolidated below the 100 simple moving average (red, 4-hours), the 200 simple moving average, and 0.6100 on the 4-hours chart (green, 4-hours).
The pair was even pushed near the 0.6020 level by the bears. The bears appear to be in charge, and a move toward the 0.6000 support region is possible. Losses could increase if the downside breaks through the 0.6000 support level.
Below the 0.5950 level, the pair may potentially try the 0.5880 level as the next significant support. If a recovery wave forms, the pair may encounter resistance close to the 0.6085 level.
On the same chart, a bearish trend line that connects to the 0.6100 area serves as the first significant barrier. A clear rise above the 0.6100 level could signal the beginning of a slow rebound. NZD/USD may advance toward the 0.6150 barrier zone under the aforementioned scenario.
In terms of EUR/USD, the pair continued to lose ground beneath the 0.9920 mark. The GBP/USD currency pair is also susceptible to further losses below the 1.1500 mark.
Economic News To Trade Today
- Forecast for the Euro Zone’s GDP in the second quarter of 2022 is 0.6%, up from the prior quarter’s 0.6%.
- Euro Zone GDP Q2 2022 (YoY) Forecast: 3.9%, up from 3.9% in the previous quarter.
- BoC Interest Rate Decision: Forecast 3.25 percent, up from 2.5% in the past.
Author: Amogo Solomon
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