NZD/USD Forecast – Oct. 26-30

The New Zealand dollar reached for the lows but showed a lot of resilience despite falling milk prices. The rate decision is undoubtedly the big event of the week, but not the only one. Here is an analysis of fundamentals and an updated technical analysis for NZD/USD.

After 4 consecutive rises in dairy prices, the recent auction saw prices turning south: a drop of 3.1% weighed on the kiwi. Other figures, visitor arrivals and credit card spending actually looked good. In the US, data was OK, but NZD managed to recover thanks to other events: a dovish Draghi and a Chinese rate cut. Support from central banks supports risk currencies such as the kiwi.

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