NZD/USD Live News

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Jul. 6, 2022

The New-Zealand Dollar trades at 0.6167 ahead of United States JOLTs Job Openings (May) today at 2:00 PM

Live - Updated 1 minutes ago.

Slightly weaker but mostly flat: the New-Zealand Dollar is currently trading at 0.6167 as it maintains an active range between 0.6148 and 0.6192.

  • JOLTs Job Openings (May) data from United States will be released today at 2:00 PM with analysts expecting a decline to 11 million. Potentially significant price fluctuations in the New-Zealand Dollar are expected to follow.
  • Today's losses are adding to an 8 day bearish run, during which the Kiwi lost 146 pips of its value.

Earlier data releases related to the New-Zealand Dollar – data for New Zealand GlobalDairyTrade Price Index was released yesterday at 3:00 PM suggests a downwards trend with -4.1, while previous data was -1.3. United States Factory Orders (MoM) (May) beats expectations of 0.5 with new data release of 1.6. This is also a step forward from the previous data of 0.7.

Technical analysis of the New-Zealand Dollar before data is released:

Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger bands shows an indication of recovery: the lower band is at 0.616, a low enough level to, generally, suggest that the New-Zealand Dollar is trading below its value. Chart analysis indicates the nearest support and resistance levels are 0.6162 and 0.6218, followed by 0.6154 and 0.6362, respectively.

Overall, the technical outlook suggests the Kiwi is likely to remain muted for the immediate future, with no clear-cut direction.

Coming up for the Kiwi — United States Crude Oil Inventories is projected to rise to -1.1 million, beating the previous -2.76 million figure. Official data is expected tomorrow at 3:00 PM. United States ADP Nonfarm Employment Change (Jun) is projected to outperform its last figure with 200,000. It previously stood at 128,000, and data will be released tomorrow at 12:15 PM.

As the markets get ready for more data to be released — for the first time in 2 years, USD/SGD went above the 1.4 level. The Euro is struggling and currently trading at 1.0225 — its lowest level in 5 years. EUR/CAD is currently exploring fresh lows at 1.3295, last seen around 7 years ago.

The Kiwi has shed 11.11% over the past three months.

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Week to date

The Kiwi parked at around 0.6167 .

Trading week at a glance - NZD/USD is up to 0.6167, after closing yesterday at zero. Overall, a 0% move or 6,166 pips this week. (Trade the New-Zealand Dollar with FXTM now).

This move comes while some more positive signs for the New-Zealand Dollar are out as ISM Manufacturing PMI (Jun) in United States fell short of the 54.9 projection with 53 and continued its downward trajectory from previous figure of 56.1. United States Core PCE Price Index (MoM) (May) fall short of the 0.4 projections, with 0.3 and marks no progress over previous figure of 0.3.

Meanwhile, New Zealand GlobalDairyTrade Price Index released yesterday at 3:00 PM with a figure of -4.1, while the previous figure was -1.3. Data for New Zealand NZIER Business Confidence (Q2) was released Monday suggests a downwards trend with -65, while previous data was -40. New Zealand Building Consents (MoM) (May) released Thursday with a figure of -0.5, which is better than its previous number of -8.6.

United States Crude Oil Inventories is projected to rise to -1.1 million, beating the previous -2.76 million figure. Official data is expected tomorrow at 3:00 PM.

Outlook for rest of the week: The market is looking forward to the release of new data: New Zealand RBNZ Interest Rate Decision will be released Wednesday. New Zealand Electronic Card Retail Sales (MoM) (Jun) is expected Sunday.