Monday 28th June sees the release of the ANZ Business Confidence Data for June. This is always an important data point, but particularly now given recent concerns voiced by the RBNZ as to the current state of the economy and the ongoing decline of the New Zealand Dollar.
NZDUSD More Bearish with Surrender of Key Long-Term Support
The push down into the 6812/05 support area Friday reinforced the rebound stall ahead of .6930 resistance, to maintain negative pressures.
The previous push through key long term support at .6870 reinforced a bearish bias for late June and into July after the RBNZ June rate cut bear gap (7081-.7200 on our charts).
- We see a downside bias for .6812/05; break here aims for .6770, maybe .6725.
- But above .6930 opens risk up to .6982, which we would look to try to cap.
Short/ Intermediate-term Outlook – Downside Risks:
- We see a negative tone with the bearish threat to .6562 and .6404.
What Changes This? Above .7272 eases bear risks; through .7396 signals a neutral tone, only shifting positive above .7564.
Daily NZDUSD Chart
4 Hour NZDUSD Chart