New Zealand has just published July’s external trader report. It turns out that the report indicated the biggest external trade deficit since 2008. The deficit expanded up to NZD774 million, during the reporting period. This is equal to 20% of the country’s export. At the same time, New Zealand exports declined by NZD196 million (4,8%). The country’s import had a negative impact on the external trade balance through growing by NZD676 million (+17%).
Forex
This couldn’t but affect the New Zealand Dollar. The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of NZDUSD. The currency pair is retracing from the recent rally. A further decline below 0,07760 will start a major downswing. The closest levels of support are 0.7735 and 0.7682. At the same time, a break above 0.8161 will start a new rally. The closest levels of resistance are 0.8178, 0.8274/95.
