The current balance deficit seen in New Zealand is reported to have gone up to the highest point in 6 years, Market Leader reports. This is confirmed by official stats. Despite the decline, Moody’s experts refused to downgrade the country’s sovereign rating, which is pretty high at this point.
The deficit is said to have increased up to 5 billion NZD over the reporting period. This is the 3rd months of negative performance, Masterforex-V Academy experts say. We feel like we should draw your attention to the fact that the negative tendency accelerated during the latest reporting period. In particular, the deficit accelerate from 1.1bn NZD seen in Q2 2014 up to 5bn NZD in Q3 2014.
Experts assume that the negative tendency was triggered by shorter export and higher import. In particular, the export proceeds declined by 380 million NZD, which is caused by an 11,4% decline in daily prices worldwide. At the same time, the import boosted by 325 million NZD, mainly at the expense of airplanes and crude oil import.
Meanwhile, the expert members of Masterforex-V Academy help us define the near-term prospects of many currency pairs, including NZDUSD. The experts report that wave A/B of level H8 is currently underway. On December 17th, the currency pair completed sub-wave a(C )/C o level H1. A break below the 0.7709 low will let the current way to expend. If this is the case, the closest levels of support to watch are 0.7671, 0.7661, 0.7639 and 0.7601. The move will be completed if the price breaks above the top of the descending MF sloping channel and pivot 0.7821, as shown in the chart below, courtesy of Masterforex-V Academy.
