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December 16, 2020

Kiwi Weakens Sharply Ahead of GDP Data, 25+ PIP Movement Expected in NZD Parity; Dec 16, 2020

New Zealand GDP q/q

New Zealand will release quarterly GDP data around 2145 GMT/0315 IST. It’s the broadest measure of economic activity and the primary gauge of the economy’s health. If the actual data comes higher than forecasted, it will be good for NZD.

Let’s see how NZD has reacted during the previous data release.

Sept 16:

June 17:

Technical View:

NZD/USD: The Kiwi erases previous gain against U.S. dollar and slips back below $0.71 mark. The pair made intraday high at $0.7120 and low at $0.7069 mark. Key resistances are seen at $0.7132, $0.7157 and $0.7190 mark respectively. Alternatively, a consistent close below $0.7040 will drag the parity down towards key supports around $0.7002, $0.6960, $0.6922, $0.6850, $0.6783 and $0.6750 mark respectively.

Take a look and do trade wisely!
Good Luck

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