According to the official trade balance report published the other day, New Zealand’s trade balance saw an even bigger deficit in September, Market Leader reports. In particular, the deficit increased all the way up to 1222 million NZD.
It should be noted that the previous report had shown 1035 million NZD. At the same time, analysts had expected a drop down to 825 million NZD. Masterforex-V Academy experts say that the deficit growth took place amid shrinking export and expanding import. Specifically, New Zealand’s export shrank down to 3,69 billion NZD while the country’s import expanded up to 3,73 billion NZD.
In the meantime, the New Zealand Dollar keeps on forming a retracement against a long-term downtrend versus the U.S. dollar. NZDUSD is currently going down within the scope of a bearish move represented by wave A/B of level H16 or higher, Masterforex-V Academy reports.
Specifically, the price is developing wave a(C )/C of the downtrend. The key levels of support are located 0.6697 and the bottom of the ascending MF sloping channel. At the same time, the price may find support around such levels as 0.6650/43, 0.6621, 0.6574/65.
If the price breaks above top of the descending MF sloping channel and MF pivot 0.6811, the current downtrend will be terminated.
