NZDUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 0.32% | 18.1 Pips |  |
||
| Week to-date | 0.26% | 14.3 Pips | |
||
| March | 0.26% | 14.3 Pips | |
||
Upcoming key events (London Time)
No major events for the day.
What happened lately
In January, New Zealand experienced a positive shift in its housing sector as seasonally adjusted building consents for new dwellings rose by 2.6%. This increase marks a recovery from the previous month’s decline of 5.6%. The rebound suggests renewed confidence in the construction industry and potentially points to a strengthening demand for housing. With a resurgence in building activity, the broader economic implications typically include job creation and increased investment, contributing to the overall growth trajectory of the nation’s economy.
On Monday, the NZDUSD currency pair witnessed a modest increase of 0.32%, bringing the exchange rate to 0.56158. This modest uptick in the New Zealand dollar could be attributed to the positive data from the housing sector, indicating a more robust economic outlook. However, the currency pair remains in consolidation, suggesting that while there has been some movement, there is no clear trend emerging at the moment. As there are no major economic events forecasted for the day, the NZDUSD may continue to trade in a narrow range unless unforeseen developments provide additional direction. The positive data from the housing sector could provide some underlying support, potentially limiting downside movements in the near term.
Latest from X (Twitter)
What can we expect from NZDUSD today?
NZDUSD on Monday rose 0.32% to 0.56158. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.55924 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.56404 or trades above daily pivot 0.56164. Break above could target R1 at 0.56398. While to the downside, we are looking at 0.55924 (S1) and daily low of 0.55930 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.56404 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 | 0.56872 |
| R2 | 0.56638 |
| R1 | 0.56398 |
| Daily Pivot | 0.56164 |
| S1 | 0.55924 |
| S2 | 0.5569 |
| S3 | 0.5545 |
#NZDUSD Trending on Twitter
[custom-twitter-feeds hashtag=”#NZDUSD” num=3 showheader=false]