NZDUSD Analysis

Upcoming key events (GMT+8)

No major events for the day.

What happened lately

The NZDUSD pair experienced a decline of 0.32% on Thursday, closing at 0.58900. The trading session saw the pair reach a high of 0.59220 and a low of 0.58790. This movement occurred amidst a backdrop of mixed economic indicators from the United States, which may have influenced market sentiment.

In terms of economic releases, a notable event was the speech by the Reserve Bank of New Zealand’s Breman, although the details of the speech were not disclosed. This event was marked as having a high impact, yet without specific content available, its direct influence on the NZDUSD pair remains unclear.

From the United States, several economic indicators were released. The New York Empire State Manufacturing Index showed a significant increase to 11 points in April from -0.2 points in March. Additionally, U.S. Initial Unemployment Insurance Claims decreased to 207,000 for the week ending April 11, down from 219,000. The U.S. Manufacturing Business Outlook Survey also rose to 26.7 points in April, up from 18.1 points in March. However, U.S. Industrial Production in March remained unchanged at 0.2% from February, with a noted decrease of 0.5% in March following a revised increase from 0.2% to 0.7% in February.

Looking ahead, there are no major scheduled events that could impact the NZDUSD pair in the immediate future. The overall market sentiment appears to be influenced by the positive economic data from the United States, which may have contributed to the strengthening of the USD against the NZD. However, without specific details from the RBNZ’s Breman speech, the full impact on the NZD remains speculative.

What can we expect from NZDUSD today?

The NZDUSD pair is experiencing a slight pullback today, down 0.32% to close at 0.58900. Despite this, the weekly outlook remains bullish with a 1.3% gain so far.

Should the NZDUSD regain upward momentum, a breach above the daily pivot at 0.5897 could trigger a bullish scenario. Traders should watch for resistance at R1 (0.5915) and further at R2 (0.594), especially if the price remains above the 9-day EMA, which it currently does.

Conversely, if the NZDUSD continues to decline, a move below the daily low of 0.58790 could lead to a bearish scenario. Key support levels to monitor are S1 at 0.5872 and S2 at 0.5854. The falling stochastic in the overbought zone suggests potential for further downside pressure.

Key levels to watch out: