Kiwi Trade Balance below expectations

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By :  ,  Financial Analyst

Kiwi Trade Balance below expectations

This morning, New Zealand recorded a trade surplus of 282 million New Zealand dollars (vs 293 million New Zealand dollars surplus expected), where exports totaled 4.91 billion New Zealand dollars (as expected) and imports totaled 4.63 billion New Zealand dollars (vs 4.8 billion expected).

From a technical point of view, on a daily chart, NZD/USD has broken below an internal rising trend line and below its 50-day moving average (in blue). Readers may therefore consider the potential for further decline below July top at 0.6715. The nearest threshold would be set at June bottom at 0.6370 and a second one would be set at previous overlap at 0.6180 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex New Zealand

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