NZDUSD Analysis 24.12.2018

The New Zealand dollar fell during the Asian session to witness a rebound to the eighth session in 13 sessions of the highest since June 15 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 largest economy In the world.

At 04:23 GMT, the New Zealand dollar fell 0.41% to 0.6739 from the opening levels of 0.6767, after hitting its lowest since November 13 at 0.6737, The session is trading at 0.6781.

We have followed the New Zealand economy to reveal GDP reading, which showed growth slowed to 0.3% from 1.0% in the second quarter, worse than the 0.6% growth forecast. The annual reading showed slower growth to 2.6% versus 3.2% Expectations for a growth of 2.8%, in conjunction with the trade balance index showed a contraction of the deficit to NZ $ 861 million, compared to NZ $ 1,317 million in October, beating expectations of a deficit of NZ $ 880 million.

On the other hand, investors are looking ahead to the US economy, the world's largest industrial producer, for the Philadelphia Manufacturing Index, which may reflect a widening to 15.6 from 12.9 last month, in conjunction with the reading of the index of claims for the week ending on 15 of this month, 13 thousand to 219 thousand requests, as may appear reading the index of continuing claims for the week of the week with the eighth month of the rise of 4 thousand requests to 1,665 thousand, before we see the disclosure of the reading of the leading indicators.

Technical Analysis

The New Zealand dollar against the US dollar resumed negative trading to test the 0.6700 barrier, awaiting further downside supported by negative pressure coming from SMA 50, relying on stability below 0.6795.

Our main target is at 0.6654.

The trading range for today is expected among the support at 0.6660 and resistance at 0.6800

The general trend for today is bearish