Nzdusd sees slight rise amid mixed US economic signals

NZDUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.1%	5.7 Pips
Week to-date	0.28%	16 Pips
April	0.9%	51.2 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 04:25 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

In the United States, the number of initial unemployment insurance claims decreased to 219,000 for the week ending on March 29, down from the previous revised figure of 225,000. This decline indicates a slight improvement in the labor market, reflecting a reduction in the number of individuals filing for unemployment benefits. Additionally, the Census Bureau reported that new orders for manufactured goods decreased by 0.6% in February, a significant drop from the revised increase of 1.8% in January. This downturn in manufacturing orders may suggest a cooling of demand within the U.S. manufacturing sector.

For the NZDUSD trading pair, the slight increase of 0.1% to a rate of 0.57210 indicates that the currency pair remains in consolidation, showing limited movement. The decrease in U.S. unemployment claims coupled with the fall in manufacturing orders presents a mixed economic outlook that could contribute to indecisiveness within the currency markets. Traders may be awaiting further direction from upcoming high-impact economic events, including the U.S. Nonfarm Payroll Employment and Average Hourly Earnings reports, both scheduled for release on Friday, as well as Jerome Powell’s speech. These events have the potential to significantly influence market sentiment and drive volatility in the NZDUSD exchange rate.

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What can we expect from NZDUSD today?

NZDUSD on Thursday rose 0.1% to 0.57210. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.56907 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.57320 or trades above daily pivot 0.57113. Break above could target R1 at 0.57417. While to the downside, we are looking at 0.56907 (S1) and daily low of 0.56810 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.57320 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:

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