Mar. 3, 2021
Light green, mostly flat: EUR/NZD ranges between 1.6597 and 1.6548 and is now at 1.659. (Trade EUR/NZD with FXTM now).
The EUR/NZD green move took place amid mixed market indicators – Germany's Unemployment Change fell short of the -13,000 projections, at 9,000 and continued its downward trajectory from the previous figure of -37,000.
At the same time, Euro Zone Consumer Price Index matches projections with new data release of 0.9. indicator value is unchanged and is the same as previous data of 0.9. Data for New Zealand Building Consents (MoM) (Jan) was released yesterday at 9:45 PM, suggests a downwards trend at 2.1, while previous data was 5.1.
Visual analysis of the EUR/NZD's price graph shows the nearest resistance level is at 1.7039. Asset volatility analysis shows that the lower Bollinger band is at 1.6432, indicating further gains might be next.
Overall, looking at the technical analysis landscape, it seems EUR/NZD might continue pointing upwards in the short term.
While EUR/NZD is green so far today, these assets are not doing so well- NASDAQ is trading around 13,358.79 (down 230.04 points).
Other assets are showing mixed performance as well.
The market is looking forward to New Zealand's RBNZ Gov Orr speech set for today at 8:15 PM. Tomorrow at 10:00 AM, data for Euro Zone Retail Sales will be released, with an expected decline to -1.1 from the preceding figure of two. Spain Services PMI is projected to outperform the last figure with 43 while it previously stood at 41.7, data will be released today at 8:15 AM.