Producer prices are the highlight of this week’s kiwi trading. Here’s an outlook for the events in New Zealand, and an updated technical analysis for NZD/USD. NZD/USD graph with support and resistance lines on it. Click to enlarge: NZD/USD suffered from Bernanke’s move and hardly managed to remain above 0.70. Will it stabilize this week? PPI: Published on Monday at 22:45 GMT. Producer prices are released only once per month in New Zealand, making this publication a big event. PPI Input, which follows the prices that the manufacturers buy, jumped by a whopping 1.3% in the first quarter. A more modest rise is predicted this time. PPI Output, the prices that leave the manufacturers’ gates, jumped by 1.8% last time. A negative number in both indicators will hurt the kiwi. Visitor Arrivals: Published on Thursday at 22:45 GMT. New Zealand’s economy enjoys lots of tourism, making this figure very important. A similar rise to last month’s 0.3% rise is expected now. Credit Card Spending: Published on Friday at 3:00 GMT. Consumers increased spending in credit cards by 4.5%, showing that despite the employment issues, consumers are still confident. A smaller rise is expected now. NZD/USD Technical Analysis The kiwi failed to settle above 0.7325 at the beginning of the week, and started deteriorating quickly. After losing 0.72 and 0.7160 mentioned in last week’s outlook, NZD/USD closed at 0.7049, a weekly loss of about 250 pips. The kiwi is now supported by the round important number of 0.70, which often supports the pair. Below, 0.69 is the next line of support. It worked as a line of resistance in May, after the pair collapsed. Lower, 0.6790 that was a swing low in July and also supported the pair in February is the next support line. Below, 0.6685 provided support back in September and was a pivotal line in July. The final line is the year-to-date low of 0.6560. Looking up, 0.7160 provides minor resistance, and its followed by 0.72 that worked as support quite recently. Higher, 0.7325 that was an area of struggle and also a peak in May is the next line of resistance, followed by the 0.7440 region. I turn bearish on NZD/USD. After the disappointing quarterly employment data, the kiwi is more vulnerable than others to the gloomy market mood. Further reading: For a broad view of all the week’s major events worldwide, read the USD outlook. For EUR/USD, check out the Euro/Dollar Forecast. For GBP/USD (cable), look into the British Pound forecast. For the Australian dollar (Aussie), check out the AUD/USD forecast. For USD/CAD (loonie), check out the Canadian dollar forecast. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.. Yohay Yohay View All Post By Yohay NZD/USD Forecast share Read Next USD/CAD Outlook – August 16-20 Yohay 12 years Producer prices are the highlight of this week's kiwi trading. Here's an outlook for the events in New Zealand, and an updated technical analysis for NZD/USD. NZD/USD graph with support and resistance lines on it. Click to enlarge: NZD/USD suffered from Bernanke's move and hardly managed to remain above 0.70. Will it stabilize this week? PPI: Published on Monday at 22:45 GMT. Producer prices are released only once per month in New Zealand, making this publication a big event. PPI Input, which follows the prices that the manufacturers buy, jumped by a whopping 1.3% in the first quarter. A more… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
