Nzdusd remains unchanged amid mixed us economic data

NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0%	0.1 Pips
Week to-date	0.02%	1 Pips
March	2.4%	134.3 Pips

Upcoming key events (London Time)

Thu 12:30 PM USD GDP annual rate
Fri 12:30 PM USD PCE Price Index, excluding food and energy (12-mth)

What happened lately

Recently released economic data from the United States revealed a 0.9% decrease in durable goods new orders in February, following a revised 3.2% increase in January. This shift highlights a cooling in the manufacturing sector, as reflected by the Census Bureau’s figures. Additionally, U.S. Nondefense Capital Goods Orders, excluding Aircraft, decreased by 0.3% in February, further demonstrating potential weaknesses in business investment. This decline follows a revised 0.9% increase in January. Furthermore, U.S. Durable Goods Orders excluding Defense dropped by 0.8% after a 3.7% gain in the previous month, pointing to reduced demands outside of defense-related orders. However, durable goods orders excluding transportation grew by 0.7% in February, up from a stagnant January, indicating some underlying sector strength. A notable improvement was seen in new-home sales, which rose by 1.8% in February, bouncing back from a revised 6.9% slump in January. In the housing sector, the U.S. House Price Index saw a minor decrease to 0.2% in January from a previously revised 0.5% in December, suggesting a slight slowdown in house price growth.

The NZDUSD currency pair is in a state of consolidation, closing the day unchanged at 0.57320. The American economic data sent mixed signals, with the decrease in durable goods orders and weaker house price index potentially suggesting economic softness, which could weigh on the U.S. dollar. However, upcoming U.S. data releases like GDP and PCE Price Index are likely to be highly impactful. Accordingly, these events could steer market sentiment and provide clearer indications of economic health, impacting the U.S. dollar’s movement against the New Zealand dollar. If the upcoming data turns out to be weaker than expected, this could result in a further consolidation or a weakening of the U.S. dollar, thus favoring the NZDUSD to move upward. Conversely, stronger U.S. economic data may stir a different sentiment, reflecting negatively on the NZDUSD pair, potentially causing it to decline further.

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What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped 0% to 0.57320. 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 0.57293 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.57350 or trades above daily pivot 0.57321. Break above could target R1 at 0.57349. While to the downside, we are looking at 0.57293 (S1) and daily low of 0.57294 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.57294 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:

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