NZD/USD Live News

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NZD/USD

Dec. 2, 2022

The New-Zealand Dollar retracted 8 pips from 3 months high and trades at 0.6371

Live - Updated 28 minutes ago.

After hitting its highest point in 3 months at 0.6379, the New-Zealand Dollar dropped by 8 pips and is now trading at 0.6371.

New Zealand RBNZ Gov Orr speech is next today at 04:30 UTC.

United States Initial Jobless Claims came out at 225,000, better than analyst estimates of 235,000 and improving upon the previous reading of 241,000.

Amid the market gloom, United States ISM Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 49, while the previous figure was 50.2. United States Core PCE Price Index (MoM) (Oct) came out at 0.2, while a consensus of analysts was expecting 0.3.

As the trading day commences, technical analysis suggests the nearest support levels are at 0.6093 and 0.5827 further down. Resistance levels are at 0.6495, followed by 0.6632 at the next level. Trend-focused traders would be interested to note that investors are seeking long positions as the Kiwi price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In the New-Zealand Dollar's case, the index has risen above 70, signalling that the asset is overbought. Analysis based on the asset volatility indicates that the New-Zealand Dollar's upper Bollinger Band® is at 0.636 which indicates a further downward move may follow.

Overall, while the Kiwi has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

In the meantime, negative performances are seen in other pairs, EUR/JPY is down 32 pips from the beginning of the session and now trades around 142.07. GBP/JPY retreats 0.27% to trade around 165.4.

Though the Kiwi has been dropping, other pairs have been performing better: USD/CHF is up 0.15%.

Moreover, United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 261,000, data will be available today at 13:30 UTC.

Furthermore, New Zealand RBNZ Gov Orr speech set for today at 04:30 UTC. United States Unemployment Rate figure is projected at 3.7. It previously stood at 3.7; data will be released today at 13:30 UTC.

The currency pair has been trending positively for about a month. The Kiwi is now trading 14.51% away from its significant low of 0.5566 first tested a month ago.

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Week to date

Stalemate for the Kiwi bulls and bears .

As the trading week gets on its way, NZD/USD is up to 0.6371, after closing yesterday at zero. Overall, a 0% move or 6,370 pips this week. (Trade the Kiwi with FXTM now).

Uptick comes while some more positive signs for the Kiwi are out as highly important Crude Oil Inventories data from United States beat analyst expectations of -2.76 million with a reading of -12.58 million.

On the flip side, data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 225,000, beating projections of 235,000 and showing improvement over the preceding figure of 241,000. Highly important Pending Home Sales data from United States beat analyst expectations of -5% with a reading of -4.6%.

At the same time, United States ISM Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 49, while the previous figure was 50.2. United States Core PCE Price Index (MoM) (Oct) came out at 0.2, while a consensus of analysts was expecting 0.3.

Outlook for rest of the week: Positive indicators for the New-Zealand Dollar are expected going forward as United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 261,000, data will be available today at 13:30 UTC.

Furthermore, the market is looking at New Zealand RBNZ Gov Orr speech is expected today at 04:30 UTC. New Zealand Electronic Card Retail Sales (MoM) (Nov) scheduled to come out Thursday.

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