Today at 21:45 GMT will be released the New Zealand GDP for the third quarter and current consensus call for an unchanged number of 0.9%, while by another hand, it can see a very slightly increase to 3.7% from 3.6% in a yearly-basis. Latest data showed a number that was close to meet the expectations, as the NZ’s economy grew 0.9% and overall figures are a clear proof that the RBNZ won’t cut interest rates soon and we’ll see if data continues to be positive at the end of the year.
Our current outlook for NZD/USD at the daily chart is showing a very weak structure which favors to more downside across the board, as the pair is well consolidated below the 200 SMA. Currently, ti’s facing off a strong support around 0.6915, where a breakout lower should expose the 0.6837 level, adding more strength to the overall bias. In the positive scenario, a rebound at the current stage could take the pair to visit the resistance zone of 0.7021 in coming weeks.
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Origin: FX BAZOOKA
