NZDUSD Reverses Losses After Stronger Business Confidence Data

NZDUSD adds 0.10% at 0.6425 boosted by the New Zealand ANZ Business Confidence which came in at -26.4 topping expectations of -30.8 in November, and the Activity Outlook came in at 12.9% beating forecasts of -3.6%.

The NZDUSD started a rebound after the Reserve Bank of New Zealand in it’s latest policy meeting kept interest rates unchanged. Analysts now expect that RBNZ will proceed with the interest rate cut in the first quarter of 2020, while if the global growth continues to deteriorate, RBNZ might proceed with an additional cut to 0.5% latter in 2020.

NZDUSD Technical Levels to Watch

NZDUSD started the day lower but after the stronger Business Confidence jumped at 0.6425 close to daily high. Bulls need to clear the first resistance at 0.6429 the daily top before an attempt to the next resistance level at 0.6465 the high from November 4th. Next target will be the 200-day moving average at 0.6550.

On the downside, immediate support for the pair stands at 0.6401 today’s low, while more bids will emerge at 0.6351 the 50-day moving average. The outlook is positive for the short term while a credible close above the 100-day moving average combined with stronger economic data might further boost NZDUSD.

NZDUSD Reverses Losses After Stronger Business Confidence Data
NZDUSD Reverses Losses After Stronger Business Confidence Data