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Kiwi bulls weren’t able to maintain their lead last week. Can this week’s events push the comdoll higher?

Here are key events you should take note of:

ANZ business confidence (Dec 17, 12:00 am GMT)

Quarterly GDP (Dec 18, 9:45 pm GMT)

  • GDP grew by 0.5% in Q2 2019, slower than 0.6% uptick in Q1 but higher than 0.4% expected growth
  • Annualized growth slowed down to 2.1%, the lowest since Q1 2013
  • The services sector continues to drive growth, while manufacturing and construction dragged on the economy
  • Analysts see New Zealand’s quarterly growth maintaining at 0.5%
  • Annualized growth could further slow to 2.0%

Market risk sentiment

  • Traders will wait for China’s confirmation on Trump’s working Phase One deal
  • Watch out for potential spillover from Australia and China’s top-tier releases

Technical snapshot

  • RSI and Bollinger Bands point to NZD being “overbought” against USD and JPY
  • Williams %R considers NZD as “overbought” against USD, JPY, and EUR and almost overbought against CAD
  • Stochastic flags NZD as “overbought” against USD, JPY, EUR, and CAD

  • AUD/NZD, and EUR/NZD are “bearish” across short and long-term daily SMAs
  • GBP/NZD, NZD/CAD, NZD/JPY, and NZD/USD are “bullish” across short and long-term daily SMAs
  • NZD/CHF is a hair’s breadth away from being bullish across the board

Missed last week’s price action? Read NZD’s price recap for December 9 – 13!