Advertising
Advertising
twitter
youtube
facebook
instagram
linkedin
Advertising

NZD/USD: Chinese Support Boosts New Zealand Dollar Amid Commodity Rebound

NZD/USD: Chinese Support Boosts New Zealand Dollar Amid Commodity Rebound
Aa
Share
facebook
twitter
linkedin

Table of contents

  1. NZD/USD

    NZD/USD

     

    nzd usd chinese support boosts new zealand dollar amid commodity rebound grafika numer 1

     

    The New Zealand dollar got a boost after Chinese leaders signal more support is coming to the economy at this week’s Politburo meeting.  Commodity prices across the board got a boost and that helped the kiwi-dollar end its six-day decline.  The New Zealand might start looking attractive again as long as the Fed does not signal a hawkish skip and trigger a massive move back into the greenback.  Major support lies at the 0.6150 region, but if bearish selling accelerates, prices might not find support until the 0.5900 level, which could potentially form a bullish Gartley pattern.

    If bullishness returns to the kiwi, further upside could eye a return towards the 0.6400 area. Major resistance would like at the 0.6550 level.


    Ed Moya

    Ed Moya

    With more than 20 years’ trading experience, Ed Moya is a senior market analyst with OANDA, producing up-to-the-minute intermarket analysis, coverage of geopolitical events, central bank policies and market reaction to corporate news. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His views are trusted by the world’s most renowned global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.


    Advertising
    Advertising