NZDUSD Analysis
| Performance after Thursday | |||
| Period | Pct | Chg | Momentum |
| Thursday | 0.69% | 40.0 Pips | ▲ |
| Week to-date | 0.69% | 40.0 Pips | ▲ |
| June | -2.54% | -152.0 Pips | ▼ |
Upcoming key events (GMT+8)
| Time (GMT+8) | Currency | Impact | Event |
| Fri 10:00 PM | USD | HIGH | Index of Consumer Sentiment |
What happened lately
The NZDUSD pair experienced a notable increase on Thursday, rising by 0.69% to close at 0.58360. Throughout the day, the pair reached a high of 0.58440 and a low of 0.57680. This upward movement in the New Zealand dollar against the US dollar comes amidst a backdrop of recent economic data releases.
On the previous trading day, the US Producer Price Index (PPI) excluding Food and Energy sectors was released, showing a year-over-year increase of 4.9%. This figure came in below the consensus expectation of 5.4% and also marked a decrease from the previous reading of 5.2%. The lower-than-expected PPI data may have contributed to some weakness in the US dollar, providing a supportive environment for the NZDUSD’s rise.
Looking ahead, market participants will be closely watching the upcoming release of the Index of Consumer Sentiment for the US, scheduled for Friday at 10:00 PM GMT+8. This high-impact event could influence market sentiment and potentially affect the USD’s performance.
Overall, the recent price action in the NZDUSD pair reflects a positive move for the New Zealand dollar, with the softer US PPI data possibly playing a role in the currency dynamics. As traders anticipate the upcoming consumer sentiment data, the market remains attentive to any further developments that could impact the currency pair’s trajectory.
What can we expect from NZDUSD today?
The NZDUSD pair closed at 0.58360 on Wednesday, marking a 0.69% increase for the day. With a bullish daily outlook, traders are eyeing potential movements as the pair remains below the 9-day EMA and the stochastic indicator trends downward.
📈 Bull Scenario A bullish scenario for NZDUSD could be triggered if the pair manages to break above the daily high of 0.58440. In this case, traders should watch for resistance at R1, which is 0.5864, and further at R2, 0.5892. A sustained move above these levels could reinforce the bullish outlook. | 📉 Bear Scenario Conversely, a bearish scenario might unfold if the NZDUSD falls below the daily pivot of 0.5816. Key support levels to monitor would be S1 at 0.5788 and S2 at 0.574. A decline past these support levels could indicate a shift towards a bearish trend despite the current bullish daily outlook. |
Key levels to watch out:
| R3 | 0.594 |
| R2 | 0.5892 |
| R1 | 0.5864 |
| Daily Pivot | 0.5816 |
| S1 | 0.5788 |
| S2 | 0.574 |
| S3 | 0.5712 |