The value is currently slightly below the level of 0.66500. NZD does not manage to make good use of the dollar’s weakness because it has a lot of its own problems. The country has been closed for a long time; there is no tourism; the economy is weak because it is closed. The rally is likely to be fueled by short-covering since traders have been pressing the Kiwi lower lately due to dovish talk from the Reserve Bank of New Zealand (RBNZ) included a possible move to negative interest rates in early 2021. The dollar is weak because everyone hopes that a new package of measures to stimulate the economy will be adopted soon.
NZD/CAD support around 0.86000
Looking at the weekly chart, the bearish is much stronger and is gaining momentum. We can only see the current support and growth of this currency pair as a pullback. The upper trend line can be a good parameter for us to determine the trend’s short-term direction. At the bottom, we have great support at 0.85000. Later we have key economic news from Canada, a basic consumer price index, and basic retail measures. This news will probably leave traces on the chart. For NZD, we will wait until Friday for more news, where Trade Balance and the Consumer Price Index await us.
NZD/CHF short withdrawal
We can expect a return to 0.60500 before any significant movement on the chart in the short term. All of this could change with reports for the New Zealand dollar on Friday morning in the Trade Balance and the Consumer Price Index. The Swiss franc has no economic news until the end of the week. It is affected by the global situation regarding coronavirus, which is progressing more and more, especially in Europe and America, where very rigorous corona control measures are announced. The Swiss franc has always been a good haven for investors and a haven in these turbulent times. Above, we look at the 0.65000 level for the purchase and the bull sequel. Otherwise, we follow the trend line’s re-examination to 0.65000 and confirmation of the sell and bearish continuation.
