The antipodean central banks are seemed to do pretty well with the weak currency. Aren’t they?
NZD/USD: outlook for March 27-31
Kiwi dollar slid to 0.6995 in the past week amid bad NZ trade balance data and higher USD. The Reserve Bank of New Zealand kept interest rates and its present monetary policy stance unchanged having failed to provide a boost for the domestic currency.
Next week economic calendar for NZD/USD currency pair will be light. The main focus will likely be on the US political news, mainly on Trump’s fiscal and trade policies. The background will be created by the US dataset (CB consumer confidence, final GDP, unemployment claims) and Fed speakers. On Friday, pay closer attention to the business confidence report coming out of New Zealand at 2:00 am (MT time).
The technical outlook for NZD/USD currency pair is bearish. Kiwi rollbacked from the key resistance line at 0.7090 towards 0.7005. A break of the support at 0.6990 might send prices towards 0.6920 (50% Fibo level traced from last-year low). On the upside, the immediate resistance can be found at 0.7050, 0.7140.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...