NZDUSD Short Forecast | 30th March 2023
Fundamental Backdrop
1. NZD Building Consents m/m, a leading gauge of future construction activity dropped from -5.2% to -9%
2. This can lead to lesser jobs and reduced construction services
3. NZD ANZ Business Confidence, a leading indicator of economic health dropped from -43.3 to -43.4
4. This could be an early signal of reduced future economic activity such as spending, hiring, and investment.
Technical Confluences
1. Price reflected off the resistance at 0.62600
2. Near-term support at 0.61800
Idea
With a medium bearish bias for NZD today, we could see price head down towards the near-term support at 0.61800
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. NZD Building Consents m/m, a leading gauge of future construction activity dropped from -5.2% to -9%
2. This can lead to lesser jobs and reduced construction services
3. NZD ANZ Business Confidence, a leading indicator of economic health dropped from -43.3 to -43.4
4. This could be an early signal of reduced future economic activity such as spending, hiring, and investment.
Technical Confluences
1. Price reflected off the resistance at 0.62600
2. Near-term support at 0.61800
Idea
With a medium bearish bias for NZD today, we could see price head down towards the near-term support at 0.61800
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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