NZD/USD Weekly Fundamental Analysis – March 28- April 1, 2016 -Forecast

NZD/USD Weekly Fundamental Analysis – March 28- April 1, 2016 -Forecast
The NZD/USD will enter the new week on Tuesday at 0.6691 falling steadily after touching a 2016 high just a week before. The strength of the US dollar weighed heavily on the commodity currencies as well as commodities. The kiwi is trading at 0.691. New Zealand’s trade surplus expanded from a revised $13 million in January to $339 million last month, beating the $57 million surplus forecast by markets. Pair breaks key support level at $0.6750 marks and trading around $0.6695 levels. Short term bias remains bearish for the moment. Key support was found at $0.6585, with resistance at $0.6885 levels. A survey of 11 strategists and traders predicted the kiwi would trade between 65.80 US cents and 69.50 cents this week. Four expected it to remain relatively unchanged, four projected it would rise and three said it would decline. The greenback has been recovering this week after being sold off in the wake of the Fed’s scaled back projections for interest rate increases this year. Investors have been gloomier about the prospect for US rate hikes, ignoring upbeat economic data and emerging signs of inflation that Fed officials have been pointing out in a series of speeches this week.

nzdusdSource: fxempire

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