Is that the bear coming up on the horizon for NZD/USD?
Key updates from the latest New Zealand data releases:
1) NZ trade balance for August: 353 million NZD (Expected: 350 million NZD and Prior: 282 million NZD)
2) Exports: 4.41billion NZD (Expected: 4.41 billion NZD and Prior: 4.91 billion NZD)
3) Imports: 4.76 billion NZD (Expected: 4.76 billion NZD and Prior: 4.63 billion NZD)
Despite this encouraging data, the NZD USD has dipped 1.28% yesterday – charting the biggest daily decline since August 7 and third consecutive day decline. This is attributed to the fight the USD is giving of late on the back of broad-based US dollar demand.
A double top seems to be forming in this pairing – is that the bear coming up on the horizon, now? The money's in that question, for sure.
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