NZDUSD the instrument is weakening

NZDUSD the instrument is weakening. Due to the growth of the US dollar, the NZD/USD pair corrects, trading near the level of 0.6822.

The number of new cases of infection with the Delta strain in New Zealand is on the rise, and Prime Minister Jacinda Ardern has announced that the country would not be able to completely get rid of the pandemic, so there was little point in restrictions, and 0othey would be lifted. As for the economic indicators, a foreign trade report was recently published. According to the October data, the volume of exports increased to 5.35B dollars, while imports amounted to 6.64B. The trade balance reached –1.286B MoM, which is better than –2.206B for September, and –4.920B YoY, down from –4.110B a month earlier.

The American currency index is growing, reaching the level of 96.700. Against the background of a hiatus in trading due to Thanksgiving Day, the key growth drivers for the dollar are the news of the re-election for a second term of the head of the US Federal Reserve, Jerome Powell, and the largest decline in the number of applications for unemployment benefits in the last 50 years: the figure fell to 199K.

Support and resistance

The asset left the ascending channel, breaking the support line. Technical indicators keep a stable sell signal: fast EMAs on the Alligator indicator is below the signal line, and the histogram of the AO oscillator trades in the sell zone, forming downward bars.

Resistance levels: 0.6860, 0.7040.

Support levels: 0.6800, 0.6600.

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