[SIZE="5"]Technical Analysis for NZD/USD: May 25, 2016
NZD/USD is receiving downward pressure from rosy US data, shrouding a similarly upbeat trade data from the kiwi dollar.
New Zealand’s trade balance in April amounted to $292 million from the previous month’s $117 million, beating the forecast $60 million by leaps. This is due to exports of $4.30 billion, a 10 million increase from March’s $4.20 billion, while imports were down to $4.01 billion from $4.09 billion.
Home sales in the US is the highest in eight years, with 619,000 more houses sold from the previous month’s 531,000. Only 523,000 were expected in April. This is a 16.6 percent growth from a decline of -1.3 percent in March.
Increasing talks about a Fed rate hike in June is also boosting the buying interest around the USD, sending the bears toward the bird. As the market digests Fed officials’ hawkish statements on Monday, a bearish outlook on the NZD will remain.
The first support is at 0.6716 and 0.6576 while the first resistance is at 0.6823 and 0.7054. The spot exchange is currently 0.6754.
The MACD indicator is in negative location. The price is rising. [/SIZE]
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