RBC: New Zealand Dollar Decline Is Supported By Risk-Averse Investors
21 May 07:19 AM
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):
Monday has been relatively calm so far, without strong directional moves seen in the market of EURUSD. At this point, the currency pair is consolidating within the scope of the 1.3118 - 1.3145 price range.
Today's European trading session has been relatively calm, without strong directional moves. At this point, the currency pair seems to be making a bullish reaction to the previous bearish move that resulted in setting a new low of the year at 1.3318.
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Yesterday, the common European currency was under pressure exerted by the sellers.
EURUSD started going down since the local high of 1.3218. By the endo of the trading day, the price reached 1.3159. his is still the local low.
Yesterday, we saw positive stats coming from the USA. They concerned the local labor and housing market. In particular, the amount of initial jobless claims shrank from 299 000 down to 298 000 last week, which is definitely a positive sing for those who purchase the US Dollar.
At the same time, the amount of incomplete sales in the local housing market increased up to 3.3% in August. The sales increase took place from 102.5 points up to 105.9 points.
Today, on August 29th, Japan delivered a news block of 4 economic reports during today's Asian trading session. The news block indicates that the economic recovery seen after the recent sales tax increase is unstable and inconsistent. Most likely, the recovery period is going to be longer than expected by the Bank of Japan.
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The strong downward pressure exerted by the sellers of EURUSD weakened a little bit suring yesterday's trading hours. After hitting a local low at 1.3152, the common European currency started regaining some of the lost ground against the US Dollar. The bullish recovery took almost the entire trading day amid a lack of major economic news from the Eurozone and the USA.
The sellers' pressure exerted on the common European currency is still underway. Since the nightly low of 1,3152, the currency pair recovered during the entire European trading session of August 27th but the started going down again. The price level of 1.3188 is still the intraday high.