NZDUSD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 0.08% | 4.6 Pips |  |
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| Week to-date | -0.12% | -6.8 Pips |  |
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| March | 1.85% | 103.3 Pips | |
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Upcoming key events (London Time)
Wed 12:30 PM USD CPI Inflation Rate (12-mth) Thu 12:30 PM USD PPI excluding Food and Energy sectors (12-mth)
What happened lately
The U.S. economy showed signs of labor market strength as job openings increased to 7.74 million in January, according to the Job Openings and Labor Turnover Survey (JOLTS) by the Bureau of Labor Statistics. This figure marked an uptick from a revised 7.508 million in December, indicating continued demand for labor. A strong labor market suggests that businesses are optimistic about future economic conditions, which could potentially lead to wage growth and increased consumer spending. Such developments are crucial as they can uplift overall economic growth and influence monetary policy decisions.
In relation to the NZDUSD currency pair, the rise in U.S. job openings supports the U.S. dollar by highlighting the U.S. economy’s robustness, which can lead to expectations of tightening monetary policy by the Federal Reserve. However, the currency pair showed a modest increase, rising by 0.08% to 0.57010. Despite this, the pair is still in a phase of consolidation, reflecting uncertainties or a lack of strong directional momentum. Traders may be awaiting further clarity or directional cues from upcoming high-impact economic indicators, such as the U.S. CPI Inflation Rate and PPI excluding Food and Energy sectors. These events could elucidate inflationary pressures and further steer market expectations regarding interest rate policies. Therefore, the potential impact of richer U.S. economic data and its ramifications on the Federal Reserve’s actions are key considerations for the NZDUSD going forward.
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What can we expect from NZDUSD today?
NZDUSD on Tuesday rose 0.08% to 0.57010. Price is above 9-Day EMA while Stochastic is falling.
Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.56904 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.57020 or trades above daily pivot 0.56962. Break above could target R1 at 0.57068. While to the downside, we are looking at 0.56904 (S1) and daily low of 0.56856 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.57020 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 | 0.57232 |
| R2 | 0.57126 |
| R1 | 0.57068 |
| Daily Pivot | 0.56962 |
| S1 | 0.56904 |
| S2 | 0.56798 |
| S3 | 0.5674 |
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