Forex Market: NZD/USD daily forecast

During yesterday’s trading session NZD/USD traded within the range of 0.8526-0.8588 and closed at 0.8532.

At 11:03 GMT today NZD/USD was adding 0.05% for the day to trade at 0.8542. The pair touched a daily low at 0.8542 at 11:02 GMT.

Fundamental analysis

Home values in 20 large cities throughout the United States probably rose at an annualized rate of 12.94% in February, preliminary estimates showed. In January, home prices climbed at a rate of 13.34%. S&P/Case-Shiller will release the official rate at 14:00 GMT.

In addition, confidence among US consumers probably improved in April. The corresponding index probably rose to a reading of 83.0 from 82.3 in March, which was the strongest since January 2008. The Conference Board research group is to announce the results from its survey, encompassing over 5 000 households in the country, at 14:00 GMT. If the gauge of confidence shows a better than expected performance, this would certainly heighten the appeal of the US dollar.

Technical analysis

According to Binary Tribune’s daily analysis, in case NZD/USD manages to breach the first resistance level at 0.8571, it will probably continue up to test 0.8611. In case the second key resistance is broken, the pair will probably attempt to advance to 0.8633.

If NZD/USD manages to breach the first key support at 0.8509, it will probably continue to slide and test 0.8487. With this second key support broken, the movement to the downside will probably continue to 0.8447.