NZDUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.4% | -23.5 Pips |  |
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| Week to-date | -0.09% | -5 Pips |  |
||
| November | -1.9% | -113.3 Pips | |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
In the United States, recent economic data reveals a mixed picture of the country’s economic landscape. The U.S. Manufacturing Business Outlook Survey, reported by the Philadelphia Fed, decreased significantly to -5.5 points in November from 10.3 points in the preceding month of October. This downturn indicates a contraction in manufacturing activities, suggesting potential concerns for future economic growth and investment in the manufacturing sector. Meanwhile, the labor market shows a rather positive sign as reported by the Department of Labor. The Initial Unemployment Insurance Claims for the week ending 16 November dropped to 213,000, a slight improvement over the previous revised figure of 219,000. The decline in unemployment claims points toward a stable labor market, providing some optimism against the backdrop of manufacturing slowdowns.
The recent economic trends in the United States are likely to influence the NZDUSD currency pair. The contraction in manufacturing as indicated by the survey may lead to a weakened confidence in the U.S. dollar due to potential concerns over economic growth. However, the strengthening of the labor market with decreased unemployment claims might mitigate some of the downward pressures on the USD. On Thursday, the NZDUSD pair saw a decline of 0.4% to 0.58582, reflecting market responses to current economic data. In the absence of significant upcoming events, traders may continue to closely monitor U.S. economic indicators and their developments, which could further impact the currency pair’s movement. However, the overall sentiment may shift depending on new data releases and market conditions in the coming days.
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What can we expect from NZDUSD today?
NZDUSD on Thursday dropped -0.4% to 0.58582. Price is below 9-Day EMA while Stochastic is rising.
Updated daily direction for NZDUSD looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 0.58429 with break below could see further selling pressure towards S2 at 0.58277. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.58860 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.58492 would indicate selling pressure.
For the week to-date, take note that NZDUSD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 0.59165 |
| R2 | 0.59013 |
| R1 | 0.58797 |
| Daily Pivot | 0.58645 |
| S1 | 0.58429 |
| S2 | 0.58277 |
| S3 | 0.58061 |
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