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Home ANALYSIS

NZDUSD trades to a new high and back above the 100 hour MA

A.R Chowdhury by A.R Chowdhury
April 12, 2022
Reading Time: 4 mins read
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NZDUSD

NZDUSD moves away from its 100 hour moving average

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The  NZDUSD 
NZD/USD

The NZD/USD is a commonly offered currency pair representing the New Zealand dollar or Kiwi and US dollar.  The pair is popular for exposure into a commodity currency, i.e. the NZD, which helps capture risk appetite for forex traders. Like its Antipodean counterpart, the Australian Dollar, the NZD/USD is seen as a carry trade, due in part to interest rate differentials which favor the NZD. The NZD is the world’s seventh most liquid pair at the time of writing with the USD being the world’s most traded currency and the NZD being the tenth. What Affects the NZD/USD? The NZD/USD is offered at virtually every retail forex brokerage and is a common pair for traders to have experience with.  The pair moves on investor sentiment and can be much more volatile than other pairs such as the EUR/USD, GBP/USD and others. Given New Zealand is the world’s largest exporter of milk powder, this metric is a key factor when driving the pair. Any sensitivity to milk powder exports is captured via the NZD/USD. Additionally, tourism is a key contributor to the New Zealand economy and as such help move the currency pair.  Other factors of note for the NZD/USD include export volumes to China as well as other important economic data releases from China.  Central banks also play a primary role in the direction of the currency pair with both the US Federal Reserve and the Reserve Bank of New Zealand being closely monitored by investors.  Monetary policy is more than capable of abruptly moving the NZD/USD, which can oscillate much more than other normal pairs.

The NZD/USD is a commonly offered currency pair representing the New Zealand dollar or Kiwi and US dollar.  The pair is popular for exposure into a commodity currency, i.e. the NZD, which helps capture risk appetite for forex traders. Like its Antipodean counterpart, the Australian Dollar, the NZD/USD is seen as a carry trade, due in part to interest rate differentials which favor the NZD. The NZD is the world’s seventh most liquid pair at the time of writing with the USD being the world’s most traded currency and the NZD being the tenth. What Affects the NZD/USD? The NZD/USD is offered at virtually every retail forex brokerage and is a common pair for traders to have experience with.  The pair moves on investor sentiment and can be much more volatile than other pairs such as the EUR/USD, GBP/USD and others. Given New Zealand is the world’s largest exporter of milk powder, this metric is a key factor when driving the pair. Any sensitivity to milk powder exports is captured via the NZD/USD. Additionally, tourism is a key contributor to the New Zealand economy and as such help move the currency pair.  Other factors of note for the NZD/USD include export volumes to China as well as other important economic data releases from China.  Central banks also play a primary role in the direction of the currency pair with both the US Federal Reserve and the Reserve Bank of New Zealand being closely monitored by investors.  Monetary policy is more than capable of abruptly moving the NZD/USD, which can oscillate much more than other normal pairs.
Read this Term
has reached a new session high at 0.68887. In the process, the price has been able to extend back above a swing area between 0.68577 and 0.68658 (see red numbered circles and yellow area). The price is also moved back above its 100 hour moving average (blue line in the chart above) at 0.68645. That area is now close risk for buyers looking for more upside momentum. Stay below is more bullish. Move below is more bearish.

On the topside, the next target comes in at the 38.2% retracement of the move down from last week’s high at 0.68923. Better resistance comes against the combination of resistance from the 200 day moving average at 0.6901, and the 200 hour moving average at 0.6904. The dual moving averages and the natural level at the 0.69000 level, should give traders cause for pause on the first test, with stops on a break above (risk can be defined and limited against the level).

Whereas, the dollar is gaining ground against currencies like the EUR and the JPY (off earlier lows), the greenback continues to lose momentum against the NZD (the AUDUSD is also moving higher in tandem).

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A.R Chowdhury

A.R Chowdhury

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