New Zealand GDP report affects NZD/USD pair

by Sep 19, 2019Market Reviews

New Zealand GDP report affects NZD/USD pair

Market new:

  • On Tuesday, September 18, at 22:45 GMT, New Zealand released the second quarter (Q2) gross domestic product (GDP) data. After New Zealand’s GDP exceeded expectations, the New Zealand dollar/US dollar regained some of its latest declines. New Zealand (New Zealand) second-quarter gross domestic product is close to the New Zealand central bank’s forecast, while the chain and the year-on-year increase to 0.5% and 2.1%.
  • The US and Chinese have a recent trade-positive headline that could trigger the pullback of the NZD/USD pair.
  • After the US Federal Reserve (Fed) cut interest rates by 0.25%, the dollar weakened across the dollar, and the New Zealand dollar fell on Wednesday.
  • Australian employment data, industry headlines and US statistics are now the focus of attention.

Market trend:

From a technical point of view, the 21-day Simple Moving Average (SMA) level became a direct upside barrier around 0.6365. It breakout triggered a new forecast target of 0.6400 and then moved towards 0.6450 towards the last month. The trend-down trend line connects the May 2017 low and the October 2018 low level, around 0.6170.

 

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