NZDUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 0.75% | 43.4 Pips |  |
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| Week to-date | 0.86% | 50 Pips | |
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| April | 3.46% | 196.2 Pips |  |
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Upcoming key events (London Time)
Wed 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
There are currently no significant economic news items impacting the markets. However, the NZDUSD exchange rate experienced an upward movement on Monday, appreciating by 0.75% to reach 0.58674. This increase could reflect various factors, including but not limited to trader sentiment, global market trends, or minor domestic economic indicators that may not have been captured as major news.
Regarding the USD, there is an upcoming high-impact event on Wednesday at 1:30 PM, namely the release of the USD Monthly Retail Trade data. This report is a crucial indicator of consumer spending and economic health in the United States. A strong retail trade figure would generally suggest increased consumer confidence and economic growth, potentially strengthening the USD. Conversely, a weaker-than-expected result could dampen the USD value.
As for the NZDUSD, the modest rise observed could be influenced by anticipatory trading ahead of this significant USD economic report. If the retail data shows robust performance, the USD could appreciate against the NZD, potentially reversing some of the NZDUSD’s recent gains. Conversely, if the retail data disappoints, the NZD may maintain or even extend its gains against the USD. Traders will be closely monitoring this release to make informed decisions in the currency markets.
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What can we expect from NZDUSD today?
NZDUSD on Monday rose 0.75% to 0.58674. Price is above 9-Day EMA while Stochastic is rising in overbought zone.
Updated daily direction for NZDUSD looks bullish as the pair ended higher after Monday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 0.58982 with break above could target R2 at 0.59291 or figure level area. While towards the downside, we are looking at daily low of 0.58229 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.58914 may suggest continuation after recent positive movement.
For the week to-date, take note that NZDUSD is bullish as the pair continued to trade higher and is up by 0.86% over the past few days.
Key levels to watch out:
| R3 | 0.59667 |
| R2 | 0.59291 |
| R1 | 0.58982 |
| Daily Pivot | 0.58606 |
| S1 | 0.58297 |
| S2 | 0.57921 |
| S3 | 0.57612 |
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