NZDUSD Analysis 29.11.2018

The New Zealand dollar fell during the Asian session to see its rebound for the second session of its highest since June 26 against the US dollar following developments and economic data that followed the New Zealand economy and on the eve of developments and economic data expected Thursday by the US economy, the largest economy in the world.

At 02:48 GMT, the New Zealand dollar was up 0.07% at 0.6794 compared to the opening levels at 0.6789 after the pair reached a high of 0.6798 and a low of 0.6784.

We followed the New Zealand economy to reveal the Australian banking and New Zealand business confidence statistics, which showed a steady decline of 37.1 unchanged from last October, while the same statistical reading of business expectations showed a 7.6 to 7.4 increase Last month, we would like to point out that a statistical survey is being conducted for about 1,500 companies to assess the outlook for the coming year.

This came hours after the release of the Bank of New Zealand's semi-annual Financial Stability Report, New Zealand Governor Adrin Ur's press conference on the Wellington Financial Stability Report, and Orr's testimony to the Financial Stability Report before the New Zealand Parliament Selection Committee in Wellington.

On the other hand, investors are currently looking for the US economy to reveal spending and personal income data that may reflect a stable personal spending growth of 0.4%, unchanged from last September, and personal income growth accelerated to 0.4% from 0.2% in September (September), while the reading of the Personal Consumption Expenditures (PPI) indicator may show a 0.2% growth rate unchanged from September.

This comes in conjunction with the reading of the index of requests for aid for the week ending on 24 of this month, which may reflect a decrease of 3 thousand requests to 221 thousand requests in the previous weekly reading, while the reading of the index of continuing claims for the week ending on 17 of this month, 3 thousand requests to 1,671 thousand applications against 1,668 thousand applications in the previous weekly reading.

Investors are also looking to release housing data, which may reflect the acceleration of new home sales growth to 0.8% from 0.5% in September, while the same year's annual reading may show a contraction of 2.8% versus 3.4% in September's annual reading, Before we see the Federal Reserve issued the minutes of the Federal Open Market Committee meeting held on the seventh and eighth of this month in Washington.

This came hours after Federal Reserve Governor Jerome Powell said Wednesday at the New York State Economic Center, under the headline "Federal Reserve Framework for Financial Stability Control", that the federal funds' interest is "slightly lower" than neutrality, Markets as a possible moderation in the pace of tightening monetary policy by monetary policy makers at the Fed.

Technical analysis:

The pair is currently trading at 0.6874 which reached its opening level for the day.

Trades are above the moving averages, but the price is moving away from the moving average 7 which is likely to correct, so we wait for price approaching from the average until it takes enough momentum to rise.

Stochastic is in a bullish path after a positive cross and leads towards a saturation area of ​​the buy.

The trading range between support is 0.6824 and resistance is 0.6913.

Support and resistance:

Support: 0.6824-0.6792-0.6755

Resistance: 0.6874-0.6913-0.7025