A rate decision stands out in this week’s kiwi events. Here’s an outlook for the events in New Zealand and an updated technical analysis for NZD/USD. NZD/USD chart with support and resistance lines marked. Click to enlarge: The kiwi managed to close the week higher, despite weaker-than expected CPI. This will probably be reflected in the rate decision. NBNZ Business Confidence: Published on Wednesday at 3:00 GMT. A day before the rate decision, the central bank releases this important survey of 1500 businesses. It always rocks the kiwi. In the past 10 months, this index has been positive – indicating optimism, although it dropped last month. At 42.5 points, it’s predicted to edge up. Rate decision: Published on Wednesday at 21:00 GMT. Alan Bollard, the governor of the RBNZ, doesn’t have a reason to raise the rates. Retail sales disappointed, and the quarterly inflation we’ve seen last week rose by 0.4% – very modest. So, the Official Cash Rate will probably remain unchanged at 2.5%. Canada will probably raise the rates before New Zealand. The kiwi will move by the wording of the RBNZ Rate Statement which will provide an economic overview and perhaps hints for future policy. Trade Balance: Published on Wednesday at 22:45 GMT. New Zealand enjoys a surplus in its balance in the past two months. This surplus is expected to rise from 321 to 372 million, indicating growing exports. Building Consents: Published on Thursday at 22:45 GMT. This important housing figure, called building permits in other countries, jumped by 5.9% last month, following two negative months. A small rise is expected this time. NZD/USD Technical Analysis The kiwi traded between 0.7050, a new minor resistance line (added on last week’s outlook) and 0.7177, a safe distance from the strong resistance line of 0.72. Looking down, stronger support is found at 0.70, a round number that already provided support in the past. Lower, 0.68 is another significant support line, last tested in February. Even lower, 0.6685 is in the distance. Looking up, 0.7320 is the next resistance line, followed by 0.7440 which was tested for several days at the beginning of the year. I am neutral on NZD/USD. The weak CPI and the American recovery counter the rise in commodity prices – a rate hike will probably have to wait for some time. I see more range trading. Further reading: For a broad view of all the week’s major event in all currencies, read the forex weekly outlook. For the Euro, read the EUR USD Forecast. For the British Pound, look into the GBP/USD forecast. For the Australian dollar, read the AUD/USD forecast. For USD/CAD, check out the Canadian dollar forecast. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam NZD/USD Forecast share Read Next AUD/USD Outlook – April 26-30 Yohay Elam 13 years A rate decision stands out in this week's kiwi events. Here's an outlook for the events in New Zealand and an updated technical analysis for NZD/USD. NZD/USD chart with support and resistance lines marked. Click to enlarge: The kiwi managed to close the week higher, despite weaker-than expected CPI. This will probably be reflected in the rate decision. NBNZ Business Confidence: Published on Wednesday at 3:00 GMT. A day before the rate decision, the central bank releases this important survey of 1500 businesses. It always rocks the kiwi. 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