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How to make money on Forex today? Trading ideas for traders today 05/13/2020: The New Zealand dollar is doomed to decline!

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During the trading session on Tuesday, the NZDUSD pair was under serious fundamental pressure, as a result of which it retreated to the level of 0.60. By 10:00 Moscow time, the daily loss of NZD is 0.88%. New Zealand dollar sales were the reaction of traders to the results of the next meeting of the Reserve Bank of New Zealand, which ended a few hours ago.

 

 

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As expected, the regulator decided to keep the official interest rate at a near-zero level until March 2021, as government measures aimed at combating coronavirus led to a contraction in the economy. Recall that two months ago the RBNZ lowered its key rate by 75 basis points, from 1% to 0.25%. The RBNZ also said it doubles the volume of purchases of government bonds. In particular, the volume of acquisitions of New Zealand government bonds will be increased to 60 billion New Zealand dollars from 30 billion New Zealand dollars. Actually, this decision became the main catalyst for the collapse of NZDUSD.

 

Additional pressure on the couple was also exerted by the Central Bank's comments on the readiness to further lower the key rate or to include other types of assets in the national program of quantitative easing in case of deterioration of the macroeconomic situation. Market participants seriously admit that the rate may be in negative territory. It is worth noting that the Government of New Zealand has already spent about 20 billion New Zealand dollars, or about 6.0% of GDP, trying to mitigate the effects of the coronavirus pandemic. These funds went to subsidies and wages. The government is expected to provide additional information on spending on Thursday when the annual budget is presented. However, we can already say that New Zealand is waiting for the worst year in the last 30 years. According to forecasts, New Zealand's GDP in 2020 will show a decline in the range of 8-10%. With this in mind, short positions on the NZDUSD pair remain a priority. If the pair consolidates below 0.60, the support at the level of 0.58 may well be the goal of reduction.

 

NZDUSD SellStop 0.6010 TP 0.58 SL 0.6060

 

Analytical reviews and comments on them reflect the subjective opinion of the authors and are not a recommendation for trading. Posted by Artem Deev Trader Analyst at AMarkets . The social network of traders is not responsible for possible losses in case of using review materials

 

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