NZDUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.37% | 21.7 Pips |  |
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| Week to-date | -0.39% | -23 Pips |  |
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| December | -0.22% | -12.9 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
In the United States, economic indicators presented a mixed view. During the week ending on 30 November, the Initial Unemployment Insurance Claims increased to 224,000. This was a rise from the previous week’s figure of 215,000, which itself was revised up from an earlier reported 213,000, as per the U.S. Department of Labor. The increase in unemployment claims can be interpreted as a sign of a slight weakening in the labor market, which may raise concerns about future economic stability if the trend continues.
On a more positive note, new orders for manufactured goods in the U.S. saw an improvement, rising by 0.2% in October. This is a rebound from a 0.2% decline in September, reflecting a moderate but positive shift in the manufacturing sector. The Census Bureau released these figures, indicating a slight recovery in demand and suggesting a stabilized manufacturing environment. This increment may alleviate concerns from the unemployment claims data by displaying resilience in sector-specific economic activity.
Regarding the NZDUSD, the pair increased by 0.37% to 0.58837 on the same Thursday. The rise in unemployment claims might have contributed to this upward movement since a weaker labor market can lead to expectations of less aggressive monetary policy by the Federal Reserve. Conversely, the improvement in manufacturing orders adds a layer of complexity, as it could counterbalance the impact of increased unemployment claims by suggesting economic stability. Overall, these mixed signals may contribute to a certain degree of volatility in the NZDUSD pair as investors digest varied economic cues from the U.S. Upcoming events, such as the Nonfarm Payroll Employment data, scheduled for release on Friday, could further influence the trend, providing clearer guidance on the economic outlook and consequently impacting market sentiment and exchange rates. Compared to the U.S. data, the NZDUSD’s movement might also be affected by other global or regional economic factors. However, for now, the mixed U.S. economic signals suggest some level of uncertainty and potential caution in trading the currency pair.
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What can we expect from NZDUSD today?
NZDUSD on Thursday rose 0.37% to 0.58837. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for NZDUSD looks bullish as the pair ended higher after Thursday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 0.58971 with break above could target R2 at 0.59106 or figure level area. While towards the downside, we are looking at daily low of 0.58514 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.58877 may suggest continuation after recent positive movement.
For the week to-date, take note that NZDUSD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 0.59334 |
| R2 | 0.59106 |
| R1 | 0.58971 |
| Daily Pivot | 0.58743 |
| S1 | 0.58608 |
| S2 | 0.5838 |
| S3 | 0.58245 |
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