NZDUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.35% | -20.8 Pips |  |
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| Week to-date | -0.42% | -24.6 Pips | |
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| November | -2.16% | -128.9 Pips | |
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Upcoming key events (London Time)
Tue 07:00 PM USD FOMC Meeting Minutes
Wed 01:00 AM NZD RBNZ Interest Rate Decision (Official Cash Rate) Wed 01:30 PM USD PCE Price Index, excluding food and energy (12-mth) Wed 01:30 PM USD GDP annual rate
What happened lately
As per the data available from Economic Recap, there was a notable lack of major economic news affecting the currency markets at the beginning of the week. However, several significant events are slated to occur shortly, impacting both the United States and New Zealand economies.
In the United States, a high-impact event to watch is the release of the Federal Open Market Committee (FOMC) Meeting Minutes on Tuesday at 7:00 PM. This document provides detailed insights into the Federal Reserve’s monetary policy stance, economic outlook, and may give indications of future interest rate adjustments. Furthermore, on Wednesday at 1:30 PM, two key economic indicators will be released: the Personal Consumption Expenditures (PCE) Price Index excluding food and energy, over a 12-month period, and the Gross Domestic Product (GDP) annual rate. Both indicators are crucial for gauging inflationary pressures and the overall economic health of the United States.
In New Zealand, a high-impact event scheduled for Wednesday at 1:00 AM is the Reserve Bank of New Zealand (RBNZ) Interest Rate Decision. The official cash rate is a critical monetary policy tool, influencing inflation rates, investment, savings, and overall economic activity in New Zealand.
The NZDUSD currency pair experienced a drop of -0.35% to 0.58426 on Monday, as reported by Economic Recap. The movement suggests the pair is currently in a consolidation phase, as markets appear to be in anticipation of the upcoming economic data releases. The outcome of these events, particularly the RBNZ’s interest rate decision and the FOMC Meeting Minutes, are likely to influence the pair’s direction. Should the RBNZ raise interest rates, it may lend support to the NZD, potentially boosting the NZDUSD pair. Conversely, if the forthcoming US economic data suggests robust economic growth or inflationary pressures, it could bolster the USD, exerting downward pressure on the NZDUSD exchange rate.
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What can we expect from NZDUSD today?
NZDUSD on Monday dropped -0.35% to 0.58426. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.58291 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.58678 or trades above daily pivot 0.58485. Break above could target R1 at 0.58619. While to the downside, we are looking at 0.58291 (S1) and daily low of 0.58350 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.58350 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 | 0.58947 |
| R2 | 0.58813 |
| R1 | 0.58619 |
| Daily Pivot | 0.58485 |
| S1 | 0.58291 |
| S2 | 0.58157 |
| S3 | 0.57963 |
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