NZDUSD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.8% | -47.6 Pips |  |
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| Week to-date | -0.4% | -24 Pips | |
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| April | 4.53% | 257.2 Pips |  |
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Upcoming key events (London Time)
Wed 01:30 PM USD PCE Price Index, excluding food and energy (12-mth) Wed 01:30 PM USD GDP annual rate
What happened lately
In the United States, March saw a decline in job openings, as reported by the Job Openings and Labor Turnover Survey (JOLTS). The number of job openings decreased to 7.192 million from a revised figure of 7.568 million in February, indicating a potential shift in labor market conditions. This reduction could suggest a cooling in hiring intentions or a potential mismatch between available jobs and skills in the labor force. Additionally, the U.S. House Price Index for February showed a decrease to 0.1% from a revised 0.2% in January, following a previous figure of 0.3%. This slowdown in the growth of house prices might reflect waning demand or adjustments in the housing market.
The recent economic indicators from the U.S. are likely to influence the NZDUSD currency pair, which dropped by 0.8% to 0.59285 on the previous Tuesday. The reduction in job openings could be perceived as a sign of economic deceleration, potentially leading to cautious sentiment among investors and affecting dollar strength. This could, in turn, impact the attractiveness of the USD. Moreover, the cooling in the housing market as shown by the House Price Index could also weigh on economic outlook and stir concerns over consumer spending, affecting the USD negatively.
The upcoming high-impact events such as the release of the PCE Price Index, excluding food and energy, and GDP annual rate figures on Wednesday are pivotal. They hold the potential to provide further insights into the economic condition and inflationary pressures in the U.S., influencing Federal Reserve policy expectations and thus affecting the direction of NZDUSD. Should these indicators suggest a stronger economic stance or increased inflation pressure, the USD might gain strength, potentially putting downward pressure on NZDUSD. Conversely, weaker than expected data could lead to further USD weakening, potentially boosting the NZDUSD pair.
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What can we expect from NZDUSD today?
NZDUSD on Tuesday dropped -0.8% to 0.59285. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.5907 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.59864 or trades above daily pivot 0.59467. Break above could target R1 at 0.59682. While to the downside, we are looking at 0.5907 (S1) and daily low of 0.59252 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.59252 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:
| R3 | 0.60294 |
| R2 | 0.60079 |
| R1 | 0.59682 |
| Daily Pivot | 0.59467 |
| S1 | 0.5907 |
| S2 | 0.58855 |
| S3 | 0.58458 |
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