NZDUSD rises 1.34% on Thursday, ends April with 2.82% gain
NZDUSD Analysis
| Performance after Thursday | |||
| Period | Pct | Chg | Momentum |
| Thursday | 1.34% | 78.0 Pips | ▲ |
| Week to-date | 0.49% | 29.0 Pips | ▲ |
| April | 2.82% | 162.0 Pips | ▲ |
Upcoming key events (GMT+8)
| Time (GMT+8) | Currency | Impact | Event |
| Fri 10:00 PM | USD | HIGH | ISM Manufacturing PMI | Apr |
What happened lately
The NZDUSD currency pair experienced a notable increase on Thursday, climbing by 1.34% to reach 0.59070. The trading session saw the pair hitting a high of 0.59100 and a low of 0.58170. This upward movement contributed to a monthly gain of 2.82%, or 162.0 pips, for the New Zealand dollar against the US dollar by the end of April.
Several key economic releases from the United States were observed in the previous trading day, which may have influenced market dynamics. The Federal Reserve’s decision to maintain the Federal Funds Rate at 3.75% was in line with market expectations, signaling a steady monetary policy stance. Additionally, the PCE Price Index, excluding food and energy, showed a month-on-month increase of 0.3%, consistent with forecasts, while the year-on-year figure rose to 3.2%, aligning with expectations and indicating a slight increase from the previous 3%. Furthermore, the US GDP annual rate was reported at 2%, slightly below the anticipated 2.3%, but a significant improvement from the previous 0.5% growth rate.
Looking ahead, market participants will be closely monitoring the upcoming ISM Manufacturing PMI data for April, scheduled for release on Friday at 10:00 PM GMT+8. This high-impact event could provide further insights into the US economic outlook and potentially influence the NZDUSD pair’s trajectory.
The overall market sentiment appears to be cautiously optimistic, with the New Zealand dollar gaining strength against the US dollar. The steady interest rate and inflation data from the US suggest a stable economic environment, while the slight underperformance in GDP growth may have contributed to the recent price movements in the forex market. Traders in Southeast Asia and beyond will likely keep a keen eye on upcoming economic indicators to gauge future trends in the NZDUSD pair.
What can we expect from NZDUSD today?
As we approach Thursday’s trading session, NZDUSD has shown a bullish daily performance with a 1.34% increase, closing at 0.59070. The pair’s outlook remains bullish, supported by its position above the 9-day EMA and a rising stochastic indicator.
📈 Bull Scenario In a bullish scenario, NZDUSD could see further upward momentum if it manages to break above the daily high of 0.59100. Traders should watch for resistance levels at R1: 0.5939 and R2: 0.5971, which could serve as potential targets if the bullish sentiment continues. | 📉 Bear Scenario Conversely, a bearish turn could be triggered if the pair falls below the daily pivot of 0.5878, potentially leading to a test of the support levels. Key support levels to monitor are S1: 0.5846 and S2: 0.5785, which could come into play if selling pressure intensifies. |
Key levels to watch out:
| R3 | 0.6032 |
| R2 | 0.5971 |
| R1 | 0.5939 |
| Daily Pivot | 0.5878 |
| S1 | 0.5846 |
| S2 | 0.5785 |
| S3 | 0.5753 |
