Quotes of the currency pair New Zealand Dollar to US Dollar NZD/USD closed the trading week at 0.6851. The pair continues to move within the descending channel. At the moment, the potential for falling quotations in the area below the level of 0.67 will remain. Where the pair meets the lower boundary test of the downstream channel, with the breakdown of this region it is expected to accelerate the fall of the quotations NZD/USD.
NZD/USD weekly forecast on May 15 — 19, 2017
However, we should not exclude the attempt to grow the pair and the test of the broken triangle model near the level of 0.6930. In favor of the decline is also a rebound from the descending line of the trend and also the formation of the reversal model of the Head and shoulders to continue the decline. The cancellation of the option can be a strong growth and breakdown of the 0.70 area, which indicates the continued growth of the pair.
Among the important news from New Zealand on the following trading week, which may affect the NZD/USD exchange rate, it is worth highlighting:
May 15, 2017, Monday, Retail sales change, slight growth is expected from 0.8% to 1.1%, which may provide short-term support for the rate of the New Zealand Dollar.
May 16, 2017, Tuesday, The change in the global dairy price index, the key indicator for the New Zealand Dollar, is expected to increase volatility at the time of publication of the news.
May 17, 2017, Wednesday, Producer Price Index.
NZD/USD weekly forecast on May 15 — 19, 2017 involves a 0.6930 test at the Triangle breakdown, from which it is expected to continue falling below 0.67, the breakdown of this region will indicate the acceleration of the fall of the pair.
