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Offline SuperForex

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SuperForex - Superforex.com
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NZD/JPY: short market review and forecast

After the brief flat trend, the rates of the NZD/USD has returned to the downward trend. The Japanese yen continues to strengthen, while the New Zealand dollar is losing positions against all currencies.
In particular, JPY has got support thanks the published data about the increased volume of exports, which in February rose by 11.3%, while the import grew only by 1.2%. Trade balance, adjusted for seasonal fluctuations, was 0,68. These indicators exceeded the forecasts and show good potential for the Japanese economy.
For the NZD we haven't received any data which could impact the rates and  change the situation for NZD. Last week, data about GDP only disappointed investors more because the growth was only 0.4%, against expected growth 0.7%. But today we expect important data from the RNBZ and their decision about the interest rate. It is expected that interest rate won't be changed and left at 1.75%. Also, on Friday will be information about the volume of exports and imports in New Zealand. Investors are positive in these indicators, in particular, expect a positive trade balance for the first time since June 2016.
Considering the forecasts for the NZD, it is possible to assume that in the evening we expect a price correction as a minimum. The New Zealand dollar will stop falling, and the quotes will go to the resistance line. Oscillators MACD and Stochastics unanimously confirm that now the best moment to open the deals to BUY, upon short-term trading.

Find more at https://superforex.com/analytics

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