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NZDUSD Forecast: Kiwi continues to lose weight

NZDUSD Forecast: Kiwi continues to lose weight

I have published a midterm NZDUSD forecast in January and would like to update.

Latest New Zeland macroeconomic figures are showing the economy is slowing down.

Employment Change (QoQ) (Q4) 0.1%
Labor Cost Index (QoQ) (Q4) 0.5%
Labor Cost Index (YoY) (Q4) 2.0%
Participation Rate (Q4) 70.90%
Unemployment Rate (Q4) 4.3%

BNZ, which is one of the most dovish central banks by stating that it will not increase any interest rates until the end of 2020, can continue to hold its dovish stance in the next week’s meeting with this data.

On the other hand, the FED is still the safest haven with its USD 2.5% interest rate even though its dovish stance.

Economic Calendar

The most important calendar data for the pair is undoubtedly RBNZ meeting on February 13th – No policy change is expected

If the negotiations between the US and China to be held on February 28th do not result in a market expectation, the market may switch to risk-off mode. This may be catalysed for new decreases in the pair.

Technically:

The pair broke the short term bullish trend line. We see a triangle pattern on the daily charts. The pair is likely to test the baseline of the triangle 0.66500. Breakout of the triangle will trigger the bearish move.

Invalidation level of the pattern is 0.69500.

Breakout Level is 0.66500

Targets will be:

0.6590

0.6550

0.6440

0.6340

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

NZDUSD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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