In forex there are a few commodities currencies namely Canadian Dollar (CAD) track crude oil performance, Aussie Dollar (AUD) exports mining resources, Kiwis (NZD) tracks soft commodities for Agriculture – products: wheat, barley, potatoes, pulses, fruits, vegetables; wool, beef, dairy products; fish.
New Zealand Exports – commodities: dairy products, meat, wood and wood products, fish, machinery
Singaporeans are planning a road trip to New Zealand may find less spending power will have to save up more Sing dollars to exchange for Kiwis dollar.
Medium to long term timeframe, Kiwis will see upside target of 0.75, 0.8, 0.85, 0.9 and probably even parity trading against US dollar with the overall commodities market outlook improvement.
Singaporeans going to NTUC Fairprice hypermarket, for grocery shopping products may need to spend more and less spending power on dairy products, maybe can switch to Malaysian dairy products for value and increasing your spending power.
Let's look at NZDUSD charts, based on Technical Analysis (TA)
weekly chart we observe quite a few charting pattern setups, purple color line refers to cup and handle, red color lines couple with green color line refers to ascending triangle and blue color lines refers to falling wedge. immediate price target range is 0.73 to 0.76 (band of red color lines), 0.85 to 0.88 (band of black color lines).
Monthly chart we observe a fan and price channel pattern and large ascending triangle. price target immediate is 0.75, 0.8 and range of 0.85 to 0.88 (year 2011 and year 2014 high) and possibly beyond 0.9 target.
Monthly chart we observe a fan and price channel pattern and large ascending triangle. price target immediate is 0.75, 0.8 and range of 0.85 to 0.88 (year 2011 and year 2014 high) and possibly beyond 0.9 target.
NZDUSD Weekly Chart Timeframe
Disclaimer: All news, information and charts shared is purely by my research and personal views only. This is not a trading recommendation or advice but on the basis of sharing information and educating the investment community. Different traders and investors adopt different trading strategies and risk management approach hence if in doubt please approach or seek clarifications with your Financial Adviser, Broker and Banker.
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