NZD/USD – Technical Analysis for Binary Options in USA
New Zealand – Official Cash Rate
On Wednesday, at GMT 8:00 p.m., the Reserve Bank of New Zealand will release the Official Cash Rate, which is the interest rate that banks in New Zealand use to lend funds held at the central bank.
Traders for Binary options in USA consider the official cash rate to be the most important factor of the valuation of the New Zealand Dollar against other currencies. In fact, most of the other fundamental indicators are considered just to predict future interest rate.
Last month, the RBNZ left the official cash rate at 1.75% and the forecast for this month is that the rate would remain the same at 1.75% in order to boost the slowing New Zealand economy.
United States – Final GDP
On Thursday, at GMT 12:30 p.m., the US Bureau of Economic Analysis will release the quarter-over-quarter final GDP, which measures the annualized change in the value of all goods and services produced by the US economy over the last quarter.
Binary options investors consider the final GDP to be an important fundamental indicator of the US economy because it indicates how the overall economic activity measured up compared to the previous quarter.
Last quarter, the US final GDP increased by 3.0% and the forecast for this quarter is currently set at 3.1%.
After breaking below the uptrend line in early August 2017, the NZD/USD has mostly traded sideways and stayed within 0.7150 and 0.7335 levels. After forming a large bearish pin bar on September 20, the NZD/USD once again turned bearish and earlier today, it found support near the 0.7250 level.
As the RBNZ is set to keep its key interest rate unchanged at 1.75%, but the forecast for the United States final GDP for last quarter is set to increase slightly, we believe it will set a bearish fundamental outlook for the NZD/USD this week. Therefore, if the NZD/USD breaks and closes below the support level near 0.7250, it would likely attract additional bearish momentum in the market.
Hence, investors trading binary options in USA should look out for trading opportunities below this major support level around 0.7250.
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