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EURNZD Forecast – December-5-2023

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FxNews EURNZD forecast and analysis – The currency pair recently experienced a notable rebound from the 1.7487 support level. This upward momentum was hinted at by the stochastic oscillator, especially after the pair reached an oversold status.

Significantly, the 1.7487 support has been a consistent challenge for sellers since May 2023. However, today’s trading saw the pair struggle to surpass the 23.6% Fibonacci retracement level. This poses a risk: if buyers don’t manage to maintain the price above this threshold, the 1.7487 support might weaken considerably. Currently, the market outlook remains predominantly bearish. There’s a looming possibility of the 1.7487 support breaking, especially if the price stays below the 23.6% Fibonacci level.

EURNZD Forecast - December-5-2023

EURNZD Forecast – Daily Chart

Conversely, a shift in momentum could occur if the EURNZD pair successfully climbs above the 23.6% mark. Such a move could temporarily pause the downtrend, potentially leading the price towards the 50% Fibonacci retracement level.

NZX 50 Dips Amid Global and Local Tensions

Bloomberg – In New Zealand, the stock market experienced a slight decline, dropping 10.8 points or 0.1% to end at 11,357 this Tuesday. This modest fall comes after a day of lackluster trading, influenced in part by a retreat in U.S. stock futures. Investors are reconsidering their expectations that the Federal Reserve might reduce interest rates in the coming year. Additionally, there’s keen anticipation for China’s trade data for November and upcoming inflation reports, along with the U.S. job figures for the month.

Meanwhile, within New Zealand, a significant number of Maori protesters have been demonstrating against the current government’s policies. They argue that these policies could undermine years of progress for indigenous communities. However, some positive news from China offered a bit of a buffer. The Caixin Services Purchasing Managers’ Index (PMI) for November showed encouraging signs, fueling hopes that Beijing may increase economic support to maintain growth.

On the New Zealand stock exchange, sectors like technology services, consumer services, and energy minerals were among the hardest hit. Notable declines were seen in shares of several companies, including Serko Ltd. (down by 4.9%), Fonterra Co. Op. (2.2% lower), Comvita NPV (decreasing by 2.0%), and Manawa Energy (falling 1.4%).

 

 

  • 5 December 2023
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