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Sunday, 22 October 20:44 (GMT -05:00)



Foreign exchange market

Forex. NZDUSD


 

New Zealand's external trade balance shrank in August, according to the official report. At the same time, Fonterra, the country’s biggest exporter, announced a new forecast containing higher dairy prices.

 

 

 

 
New Zealand keeps on building up an external trade deficit, Market Leader reports. In particular, as of August 2015, the deficit amounted to NZD1035 million, thereby exceeding the forecast of NZD850 million. At the same time, the deficit growth seems to be accelerating since July’s deficit is NZD649 million.
Apparently, the key factor increasing the deficit is a sharp decline in the New Zealand export as compared to the import. August’s export was equal to NZD3.7 billion while August’s import reached NZD4.8 billion. July’s figures were NZD4.2 billion and NZD4.9 billion respectively.
FOREX

As for the New Zealand Dollar, the recent report seems to be affecting the national currency. NZDUSD is going down within the scope of a bearish wave a(C )/C of level Daily3, Masterforex-V Academy reports.  More specifically, the currency pair is forming sub-wave b(C ) of the downtrend.
A break above MF Pivot 0.6456 as well as the top of the descending MF sloping channel, the price will put an end to the bearish move. Alternatively, on breaking below the .6235 low, the currency pair is probably going to see further lows around 0.6209/05, 0.6183/67, 0.6151, 0.6121 and  0.6227.
 

 

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