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Wednesday, 2 December 21:29 (GMT -05:00)

Foreign exchange market

RBC: New Zealand Dollar Decline Is Supported By Risk-Averse Investors



Amid global uncertainty, investors are getting rid or risky assets, thus affecting the NZ Dollar exchange rate. NZDUSD keeps declining down to the 5-month low.





According to Greg Gibbs, a currency strategist for RBC, The uncertainty makes it difficult for traders to find the bottom, which could be a major level of support. According to him, the nervous market environment affects the currency market.
In general, the NZ Dollar reflects the situation seen in the markets of other risky currencies. Some experts say that the New Zealand currency has always been more vulnerable and sensitive about the periods when investors turn risk-averse.
According to Masterforex-V Academy, NZDUSD is developing a major downswing. At this point, the currency pair is forming wave 3 or А(С)/С inside wave А/В of wave level Weekly. The closest level of support is 0.7460. The next one is the local low - 0.7369. The downtrend will be completed on braking and consolidating above 0.8233 (as shown below):





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