The NZD remains under the pressure of the dollar. Investors focused on news by the Federal Reserve. Market attention goes to every statement made by Fed officials as each of them confirms that the Federal Reserve plans to increase rates in the future. This allowed the dollar to remain at a high level. The American currency was also supported due to the uncertain geopolitical situation and the bombing in Syria. News background for the U.S. currency remains positive in general. Some disappointed statistics related with the U.S were left unnoticed, for example, information about the employment level. Though employment quickly supported the report about increasing the number of vacancies in February to 5,743 million, excluding the agricultural sector.
As for the NZD itself, the market hasn't got any important information over the past week which could influence and strengthen the NZD. It should be noted that the New Zealand dollar is losing value together with the Australian one. The falling of the Australian currency also has an impact on the NZD because Australia is one of the main trading partners of New Zealand. The Australian dollar lost in value not only due to the USD strengthening, but also due to the worsening of the situation on the employment market, which is confirmed by the RBA, and the decreasing of the iron ore prices.
At the moment the rates of the NZD/USD are in the frames of the downtrend. Volatility decreased significantly in March, and the rates continued in a very narrow range. The support line, which was repeatedly broken and shifted, is still in danger to be broken or moved again. At the moment the entry point can be at the level 0.693-0.6935 USD. We'd recommend opening the deals to sell on the trend, despite the lack of signals from the MACD and Stochastics oscillators, which are now neutral.
