Quotes

CFD Trading Rate New Zealand Dollar vs US Dollar (NZDUSD)

Bid
Ask
Change (%)
Date/Time (GMT 0)
Over the past 10 days
Date Rate Change

Related news

  • 29.03.2024 01:54
    NZD/USD remains under selling pressure below 0.6000, US PCE data looms
    • NZD/USD edges lower to 0.5970 amid stronger USD and dovish comments from RBNZ. 
    • The US economy grew faster than expected in the fourth quarter (Q4). 
    • RBNZ’s Orr said the central bank is on course to get inflation back into the target band, rate cuts are getting closer.
    • The US February Core PCE will be in the spotlight on Friday. 

    The NZD/USD pair remains under some selling pressure near 0.5970 after retracing from the 0.6000 barrier during the Asian session on Friday. The dovish comments from the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr weigh on the New Zealand Dollar (NZD). Investors await the release of US February Personal Consumption Expenditures (PCE) data on Friday for fresh catalysts. 

    The US economy expanded faster than expected in the fourth quarter (Q4), owing to robust consumer spending and corporate investment, according to the third estimate released by the Bureau of Economic Analysis on Thursday. The final US Gross Domestic Product (GDP) for Q4 grew at an annual rate of 3.4% from the previous 3.2% estimate. The US Dollar (USD) edges higher following the stronger-than-expected data. 

    On the Kiwi front, the RBNZ Governor Orr said the central bank is on track to getting inflation back into the target band while adding that interest rates have peaked and cuts are getting closer. The RBNZ indicated that it may cut rates from early next year. However, investors have priced in cuts from August this year. This, in turn, drags the NZD lower and acts as a headwind for the NZD/USD pair. 

    The US Core PCE data will be released later on Friday, which is estimated to show an increase of 0.3% MoM and 0.8% YoY in February. If the report showed firmer readings, this could boost the USD. The Fed’s Chair Jerome Powell and Fed Bank of San Francisco President Mary Daly are set to speak later on Friday. 

    GBP/USD

    Overview
    Today last price 1.2624
    Today Daily Change 0.0000
    Today Daily Change % 0.00
    Today daily open 1.2624
     
    Trends
    Daily SMA20 1.2719
    Daily SMA50 1.2678
    Daily SMA100 1.2653
    Daily SMA200 1.259
     
    Levels
    Previous Daily High 1.2655
    Previous Daily Low 1.2586
    Previous Weekly High 1.2804
    Previous Weekly Low 1.2575
    Previous Monthly High 1.2773
    Previous Monthly Low 1.2518
    Daily Fibonacci 38.2% 1.2612
    Daily Fibonacci 61.8% 1.2629
    Daily Pivot Point S1 1.2588
    Daily Pivot Point S2 1.2553
    Daily Pivot Point S3 1.252
    Daily Pivot Point R1 1.2657
    Daily Pivot Point R2 1.269
    Daily Pivot Point R3 1.2726

     

     

  • 28.03.2024 19:47
    NZD/USD declines on dovish RBNZ stance
    • RBNZ Governor Orr was seen dovish, which seems to be applying pressure to the NZD.
    • GDP and Initial Jobless Claims cushion the USD. Weak Chicago PMI figures limit the upside.
    • Markets adjusted their expectations for a June rate cut which also adds strength to the USD.

    The NZD/USD is currently traded at 0.5977, reflecting a decrease of 0.43%. The pair's movement was influenced by somewhat dovish comments from the Reserve Bank of New Zealand (RBNZ) Governor Orr and by mixed data from the US. Ahead of Friday’s session, markets await Personal Consumption Expenditures (PCE) data from the US from February.

    RBNZ Governor Orr commented that inflation is normalizing while aggregate demand is slowing which would lead to a low and stable inflation on the horizon in hand with normalized interest rates. As a reaction markets are betting on 75 bps of easing in 2024, while the RBNZ hinted that the first cut would come in 2025 and as long as markets underestimate the bank, the NZD may suffer additional losses.

    On the USD side, The recent release of Initial Jobless Claims data showed figures slightly below the consensus, with 210K reported against the anticipated 215K for the week ending on March 23. Additionally, the Q4 Gross Domestic Product (GDP) was revised upwards, showcasing a yearly growth of 3.4%. However, not all economic indicators were positive; the March Chicago Purchasing Managers Index (PMI) data from the Institute for Supply Management fell short of expectations, coming in at 41.4 against the forecasted 46 and previous 44.

    Regarding the Federal Reserve (Fed) expectations, the probability of a rate cut in June has decreased to 66% from 85% earlier in the week, providing some support to the Greenback. That being said, the release of the headline Personal Consumption Expenditures (PCE) on Friday, will likely fuel volatility markets as investors may readjust their bets on the Fed.

    NZD/USD technical analysis

    On the daily chart, the NZD/USD pair's Relative Strength Index (RSI) is notably fixated within negative territory. The latest RSI reading swings back to a negative trend, marking a score of 33 which suggests a strong bearish sentiment in the market. Concurrently, the Moving Average Convergence Divergence (MACD) histogram prints red bars, evidencing a negative momentum that further reinforces the downward pressure on this currency pair.

    Moving to the Simple Moving Average (SMA) analysis, the pair is trading below the respective 20, 100, and 200-day Simple Moving Averages (SMAs), supporting the continuing negative trend.

    NZD/USD daily chart

    NZD/USD

    Overview
    Today last price 0.5975
    Today Daily Change -0.0029
    Today Daily Change % -0.48
    Today daily open 0.6004
     
    Trends
    Daily SMA20 0.6091
    Daily SMA50 0.6109
    Daily SMA100 0.6136
    Daily SMA200 0.6074
     
    Levels
    Previous Daily High 0.6011
    Previous Daily Low 0.5987
    Previous Weekly High 0.6107
    Previous Weekly Low 0.5989
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6002
    Daily Fibonacci 61.8% 0.5996
    Daily Pivot Point S1 0.5991
    Daily Pivot Point S2 0.5977
    Daily Pivot Point S3 0.5967
    Daily Pivot Point R1 0.6015
    Daily Pivot Point R2 0.6025
    Daily Pivot Point R3 0.6039

     

     

  • 28.03.2024 08:54
    NZD/USD plummets to its lowest level since November, seems vulnerable while below 0.6000
    • A combination of factors drags the NZD/USD pair to a fresh YTD trough on Thursday.
    • Rising bets for a rate cut by RBNZ in July weigh on the Kiwi amid a softer risk tone.
    • Sustained USD buying exerts additional pressure and contributes to the ongoing slide.

    The NZD/USD pair comes under heavy selling pressure on Thursday and continues losing ground through the first half of the European session. The downward trajectory drags spot prices to the 0.5970-0.5965 region, or the lowest level since November 17, and is sponsored by a combination of factors.

    The New Zealand Dollar (NZD) weakens after the business outlook survey by ANZ Bank showed weakening activity indicators and a slight fall in inflation pressures. Moreover, markets are pricing in an almost 50% chance the Reserve Bank of New Zealand (RBNZ) could cut rates as early as July. This, along with a fresh bout of the US Dollar (USD) buying, turn out to be key factors exerting downward pressure on the NZD/USD pair.

    The USD Index (DXY), which tracks the Greenback against a basket of currencies, climbs to over a one-month peak in the wake of Federal Reserve (Fed) Governor Christopher Waller's hawkish comments on Wednesday, which tempered rate cut bets. This remains supportive of elevated US Treasury bond yields, which, along with a softer risk tone, is seen benefitting the safe-haven buck and driving flows away from the risk-sensitive Kiwi.

    With the latest leg down, the NZD/USD pair now seems to have confirmed a breakdown through the weekly trading range and the 0.6000 psychological mark. This, in turn, favours bearish traders and supports prospects for a further near-term depreciating move. market participants now look to the US economic docket – featuring the final Q4 GDP print, Weekly Initial Jobless Claims, Pending Home Sales and revised Michigan Consumer Sentiment Index.

    NZD/USD

    Overview
    Today last price 0.5968
    Today Daily Change -0.0036
    Today Daily Change % -0.60
    Today daily open 0.6004
     
    Trends
    Daily SMA20 0.6091
    Daily SMA50 0.6109
    Daily SMA100 0.6136
    Daily SMA200 0.6074
     
    Levels
    Previous Daily High 0.6011
    Previous Daily Low 0.5987
    Previous Weekly High 0.6107
    Previous Weekly Low 0.5989
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6002
    Daily Fibonacci 61.8% 0.5996
    Daily Pivot Point S1 0.5991
    Daily Pivot Point S2 0.5977
    Daily Pivot Point S3 0.5967
    Daily Pivot Point R1 0.6015
    Daily Pivot Point R2 0.6025
    Daily Pivot Point R3 0.6039

     

     

  • 28.03.2024 08:41
    NZD/USD: It is hard to see where a good news story is going to come from – ANZ

    NZD/USD is a shade below 0.6000. Economists at ANZ Bank analyze Kiwi’s outlook. 

    Broader FX markets are likely to be illiquid and quiet into Easter

    As we wind down for Easter, there’s no sign of global FX shifting away from their USD-centric beat ahead of a host of key US data including the core PCE deflator, ISM Mfg survey and JOLTS data between now and the middle of next week. 

    Locally, as fiscal challenges mount and commentators become more wary on the outlook for NZ, it’s hard to see where a good news story is going to come from.

    Support 0.5750/0.5970 – Resistance 0.6255/0.6500

  • 28.03.2024 05:13
    NZD/USD depreciates to near 0.5990 following softer Kiwi Consumer Confidence
    • NZD/USD loses ground on softer Kiwi data released on Thursday.
    • ANZ – Roy Morgan Consumer Confidence fell to 86.4 in February from 94.5 prior.
    • US GDP Annualized is expected to remain consistent at a 3.2% increase in Q4.

    NZD/USD snaps its three-day winning streak, depreciating to near 0.5990 during the Asian hours on Thursday. The New Zealand Dollar (NZD) faces challenges due to the softer-than-expected domestic key economic figures, which in turn, undermine the NZD/USD pair.

    ANZ – Roy Morgan Consumer Confidence decreased to 86.4 in February from 94.5 in the prior month. The index stepped down from January 2022 level highs. Business Confidence fell to 22.9 in March, from the previous reading of 34.7. Kiwi markets will observe Good Friday and Easter Monday.

    At the Boao Forum for Asia (BFA), China's top legislator, Zhao Leji, underscored China's commitment to inclusive economic globalization. He articulated China's opposition to unilateralism and protectionism in all manifestations and expressed a dedication to closely aligning its development with that of other nations.

    The US Dollar (USD) shows subdued momentum as investors await the release of Gross Domestic Product Annualized data for the fourth quarter of 2023 from the United States (US) on Thursday. Furthermore, Personal Consumption Expenditures for February on Friday. The US Dollar Index (DXY) hovers around 104.30. US Treasury yields rebounded after losses in the previous two sessions, supporting the US Dollar.

    Market participants are eagerly awaiting guidance from the Federal Reserve (Fed) on its interest rate trajectory. However, conflicting views among members of the Federal Open Market Committee (FOMC) regarding monetary policy easing are adding to market uncertainty.

    NZD/USD

    Overview
    Today last price 0.5992
    Today Daily Change -0.0012
    Today Daily Change % -0.20
    Today daily open 0.6004
     
    Trends
    Daily SMA20 0.6091
    Daily SMA50 0.6109
    Daily SMA100 0.6136
    Daily SMA200 0.6074
     
    Levels
    Previous Daily High 0.6011
    Previous Daily Low 0.5987
    Previous Weekly High 0.6107
    Previous Weekly Low 0.5989
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6002
    Daily Fibonacci 61.8% 0.5996
    Daily Pivot Point S1 0.5991
    Daily Pivot Point S2 0.5977
    Daily Pivot Point S3 0.5967
    Daily Pivot Point R1 0.6015
    Daily Pivot Point R2 0.6025
    Daily Pivot Point R3 0.6039

     

     

  • 27.03.2024 22:06
    NZD/USD Price Analysis: Bears exert pressure, yet short-term bullish reversal seems possible
    • Rising seller traction is prevalent in the daily chart with the RSI deep in the negative area.
    • The hourly chart signals a potential shift toward short-term bullish correction.
    • The overall trend continues to be tilted to the downside.

    The NZD/USD pair is operating at around 0.6000 with losses, The market landscape is primarily dominated by sellers, underscored by a prevailing negative trend. The pair resides below the important 20, 100, and 200-day Simple Moving Averages (SMAs), emphasizing the strong presence of sellers. However, the hourly chart has clues for a potential short-term bullish reversal.

    The Relative Strength Index (RSI) oscillates within the negative territory on the daily chart. at 35 near the oversold area, underscoring the prominence of sellers in the market. Concurrently, the predominance of flat red bars in the Moving Average Convergence Divergence (MACD) histogram affirms this negative momentum.

    NZD/USD daily chart

    Switching to the hourly chart, the RSI moved towards its middle point but then retreated towards 40, implying a modest bias towards the buyers. In addition, the MACD histogram prints green bars which offer additional evidence of buyers gathering momentum.

    NZD/USD hourly chart

    Overall, the current dynamics of the NZD/USD pair infer a predominantly negative momentum. Nevertheless, the recovering indicators in the hourly chart point to a possible bullish reversal in the short term. Zooming out, the buyers must make a stride to reclaim the 200-day SMA at 0.6070 to avoid additional losses.

     

    NZD/USD

    Overview
    Today last price 0.6004
    Today Daily Change 0.0000
    Today Daily Change % 0.00
    Today daily open 0.6004
     
    Trends
    Daily SMA20 0.6096
    Daily SMA50 0.6111
    Daily SMA100 0.6135
    Daily SMA200 0.6075
     
    Levels
    Previous Daily High 0.6032
    Previous Daily Low 0.5995
    Previous Weekly High 0.6107
    Previous Weekly Low 0.5989
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6018
    Daily Fibonacci 61.8% 0.6009
    Daily Pivot Point S1 0.5989
    Daily Pivot Point S2 0.5973
    Daily Pivot Point S3 0.5952
    Daily Pivot Point R1 0.6026
    Daily Pivot Point R2 0.6047
    Daily Pivot Point R3 0.6063

     

     

  • 27.03.2024 09:24
    NZD/USD Price Analysis: Finds temporary support slightly below 0.6000, downside remains favored
    • NZD/USD is expected to see more downside due to multiple headwinds.
    • Investors remain uncertain ahead of the US core PCE inflation for February.
    • A breakdown of the Double Top formation weakens the Kiwi asset.

    The NZD/USD pair finds interim support near 0.5990 in the European session on Wednesday. The Kiwi asset is vulnerable in the broader term as the New Zealand economy has shifted into a technical recession. The economy was contracted in the last two quarters of 2023.

    The Reserve Bank of New Zealand (RBNZ) is facing a balancing act between high inflation and a poor economic outlook. To maintain downward pressure on stubborn inflation, the RBNZ maintains the Official Cash Rate (OCR) at 5.5%. However, economic activities bear the consequences. Low liquidity flow in an economy dampens firms’ investment plans and consumer spending.

    Meanwhile, asset-specific action is being observed in global markets as risk-perceived currencies face the heat of uncertainty ahead of the United States core Personal Consumption Expenditure price index (PCE) data for February, which will be published on Good Friday. S&P 500 futures have posted significant gains in the London session.

    The US Dollar Index (DXY) rises to 104.40, an inch away from monthly high of 104.50. 10-year US Treasury yields remain unchanged at 4.23%.

    NZD/USD sees a sharp downside move after a breakdown of the Double Top chart formation near 0.6069 on a four-hour timeframe. The asset has tested territory below the psychological support of 0.6000 and is expected to discover more downside. The 50-period Exponential Moving Average (EMA) near 0.6040 is a major barricade for the New Zealand Dollar bulls.

    The 14-period Relative Strength Index (RSI) oscillates in the bearish range of 20.00-60.000. Investors would look for building fresh shorts whenever the RSI witnessed a pullback to 60.00.

    If the asset breaks below the intraday low of 0.5987, more downside will appear. This would drag the asset toward the November 17 low at 0.5940, followed by the round-level support of 0.5900.

    In an alternate scenario, a recovery move above March 6 low at 0.6069 will drive the pair toward March 18 high at 0.6100. A breach of the latter will drive the asset further to March 12 low at 0.6135.

    NZD/USD four-hour chart

    NZD/USD

    Overview
    Today last price 0.6004
    Today Daily Change 0.0000
    Today Daily Change % 0.00
    Today daily open 0.6004
     
    Trends
    Daily SMA20 0.6096
    Daily SMA50 0.6111
    Daily SMA100 0.6135
    Daily SMA200 0.6075
     
    Levels
    Previous Daily High 0.6032
    Previous Daily Low 0.5995
    Previous Weekly High 0.6107
    Previous Weekly Low 0.5989
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6018
    Daily Fibonacci 61.8% 0.6009
    Daily Pivot Point S1 0.5989
    Daily Pivot Point S2 0.5973
    Daily Pivot Point S3 0.5952
    Daily Pivot Point R1 0.6026
    Daily Pivot Point R2 0.6047
    Daily Pivot Point R3 0.6063

     

     

  • 26.03.2024 23:18
    NZD/USD remains on the defensive near 0.6000, traders await RBNZ’s Orr speech
    • NZD/USD trades on a softer note near 0.6000 after retracing from a weekly top of nearly 0.6030 on Wednesday. 
    • The rate-cutting expectation and dovish comments from Fed officials exert some pressure on the US Dollar. 
    • The technical recession in New Zealand’s economy in Q4 2024 will leave ample space for RBNZ to cut the rate sooner than expected. 
    • Investors await the RBNZ’s Orr speech for fresh impetus. 

    The NZD/USD pair remains on the defensive around 0.6000 despite the weaker US Dollar (USD) during Wednesday’s early Asian session. The ANZ Business Confidence will be due from the New Zealand docket, and Reserve Bank of New Zealand (RBNZ) Governor Orr is set to speak later in the day. Nonetheless, the market is likely to be mute in light trading ahead of the Good Friday holiday.

    The US Federal Reserve (Fed) decided to hold interest rates between 5.25% and 5.5% at its March meeting last week. The Fed Chair Jerome Powell did not specify the timing for cutting rates but hinted that the first rate cut will be determined by what inflation measures and other key economic data show. Several Fed officials agreed to wait and see more evidence of inflation that ensures it heads back down to the 2% target before it cuts rates. Fed Governor Christopher Waller and Chicago Fed President Austan Goolsbee anticipate three cuts this year. Dovish comments from Fed officials weigh on the Greenback against its rivals. 

    On the Kiwi front, the technical recession in New Zealand’s economy in the final quarter of 2024 leaves ample space for the Reserve Bank of New Zealand (RBNZ) to cut the official cash rate (OCR) sooner than expected. An aggressive RBNZ rate-cutting cycle would in turn likely weigh on the NZD and create a headwind for the NZD/USD pair. 

    The US Personal Consumption Expenditures Price Index (PCE) data for February are due on Friday. The Fed's Powell is also scheduled to speak on the same day. In the case of slowing inflation data, this could prevent any rate cuts from the Fed and exert some selling pressure on the USD. 

     

    NZD/USD

    Overview
    Today last price 0.6003
    Today Daily Change 0.0000
    Today Daily Change % 0.00
    Today daily open 0.6003
     
    Trends
    Daily SMA20 0.6104
    Daily SMA50 0.6114
    Daily SMA100 0.6134
    Daily SMA200 0.6076
     
    Levels
    Previous Daily High 0.6014
    Previous Daily Low 0.5986
    Previous Weekly High 0.6107
    Previous Weekly Low 0.5989
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.5997
    Daily Fibonacci 61.8% 0.6003
    Daily Pivot Point S1 0.5988
    Daily Pivot Point S2 0.5973
    Daily Pivot Point S3 0.596
    Daily Pivot Point R1 0.6016
    Daily Pivot Point R2 0.6029
    Daily Pivot Point R3 0.6044

     

     

  • 25.03.2024 23:09
    NZD/USD trades sideways above 0.6000 on softer US Dollar, US PCE data eyed
    • NZD/USD hovers around 0.6000 in Tuesday’s early Asian session. 
    • The US February New Home Sales came in at -0.3% MoM vs. 1.7% gain in January, weaker than expected. 
    • Concerns over stunted economic growth and the slump in the GDP numbers weigh on the Kiwi. 

    The NZD/USD trades on a flat note around the 0.6000 mark during the early Asian session on Tuesday. The USD Index (DXY) retreats from the recent peaks and remains above the 104.00 mark. Investors await the US February Personal Consumption Expenditures Price Index (PCE) data, which might offer some hints about underlying momentum in inflation.

    On Monday, the US February New Home Sales dropped 0.3% MoM from a 1.7% gain in January, below the market expectations for a 2.3% MoM rise. Meanwhile, the Dallas Fed Manufacturing Survey fell to -14.4 in March from the previous reading of -11.3. The US PCE report on Friday will be in the spotlight. The headline PCE is estimated to show an increase of 0.4% MoM, while the Core CPE is projected to rise by 0.3% MoM. 

    The US Federal Reserve (Fed) policymakers indicated that they will be in a position to cut interest rates when they have confidence that inflation is progressing towards the 2.0% target. Investors anticipate the incoming data to rule out a May rate cut, and the first rate cut is likely to happen in the June meeting. According to CME Group's FedWatch tool, Federal Funds Futures have priced in 74.5% odds that the Fed will cut rates in June.

    On the other hand, New Zealand’s economy entered a technical recession in the final quarter of 2024, driven by weak consumer spending and wholesale trade. This, in turn, weighs on the New Zealand Dollar (NZD) and creates a headwind for the NZD/USD pair. Additionally, the weaker-than-expected GDP growth numbers might convince the Reserve Bank of New Zealand (RBNZ) to cut the official cash rate (OCR) sooner than expected. 

    Moving on, US Consumer Confidence by the Conference Board, Durable Goods Orders, and the FHFA’s House Price Index will be due. On Wednesday, the New Zealand ANZ Business Confidence will be published. On Friday, the US PCE report will be a closely watched event. 

    NZD/USD

    Overview
    Today last price 0.6001
    Today Daily Change 0.0008
    Today Daily Change % 0.13
    Today daily open 0.5993
     
    Trends
    Daily SMA20 0.6112
    Daily SMA50 0.6117
    Daily SMA100 0.6134
    Daily SMA200 0.6077
     
    Levels
    Previous Daily High 0.6052
    Previous Daily Low 0.5989
    Previous Weekly High 0.6107
    Previous Weekly Low 0.5989
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6013
    Daily Fibonacci 61.8% 0.6028
    Daily Pivot Point S1 0.5971
    Daily Pivot Point S2 0.5948
    Daily Pivot Point S3 0.5908
    Daily Pivot Point R1 0.6034
    Daily Pivot Point R2 0.6075
    Daily Pivot Point R3 0.6097

     

     

  • 25.03.2024 08:56
    NZD/USD Price Analysis: A break above 0.6000 could approach 14-day EMA, 23.6% Fibonacci
    • NZD/USD tests the psychological level of 0.6000 on Monday.
    • The break above 0.6050 could lead the pair to navigate the area around the 14-day EMA and the 23.6% Fibonacci level.
    • The major level of 0.5950 could act as support, following the psychological support at 0.5900 level.

    NZD/USD continues its losing streak for the third successive session as the US Dollar (USD) falls on the dovish sentiment surrounding the Federal Reserve's stance on the trajectory of interest rates, with market sentiment leaning towards the Fed initiating interest rate cuts starting in June. The pair has trimmed its intraday gains and hovers around the psychological level of 0.6000 during the European session on Monday.

    The NZD/USD pair could find a key barrier lies at the major level of 0.6050. A break above this level could lead the pair to navigate the area around the 14-day Exponential Moving Average (EMA) of 0.6076 and the 23.6% Fibonacci retracement level of 0.6086. A further movement could test the psychological level of 0.6100.

    According to the Moving Average Convergence Divergence (MACD) analysis, a prevailing downward sentiment is indicated for the NZD/USD pair. This is evidenced by the MACD line positioned below the centerline and shows the divergence below the signal line, signaling a bearish trend. Furthermore, the 14-day Relative Strength Index (RSI) is below the 50 level, providing additional confirmation of the bearish sentiment.

    On the downside, the NZD/USD pair could find the key support at the major level of 0.5950. A break below the latter could put pressure on the pair to navigate further support at a psychological level of 0.5900.

    NZD/USD: Daily Chart

    NZD/USD

    Overview
    Today last price 0.5998
    Today Daily Change 0.0005
    Today Daily Change % 0.08
    Today daily open 0.5993
     
    Trends
    Daily SMA20 0.6112
    Daily SMA50 0.6117
    Daily SMA100 0.6134
    Daily SMA200 0.6077
     
    Levels
    Previous Daily High 0.6052
    Previous Daily Low 0.5989
    Previous Weekly High 0.6107
    Previous Weekly Low 0.5989
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6013
    Daily Fibonacci 61.8% 0.6028
    Daily Pivot Point S1 0.5971
    Daily Pivot Point S2 0.5948
    Daily Pivot Point S3 0.5908
    Daily Pivot Point R1 0.6034
    Daily Pivot Point R2 0.6075
    Daily Pivot Point R3 0.6097

     

     

  • 25.03.2024 05:36
    NZD/USD posts modest gains below the 0.6000 barrier on softer US Dollar
    • NZD/USD gains ground around 0.5995 amid the softer USD. 
    • Fed’s Bostic said he expected just one rate cut this year due to persistent inflation and robust economic data. 
    • The IMF expects that New Zealand will likely lower its cash rate this year.

    The NZD/USD pair posts modest gains below the 0.6000 barrier during the early European session on Monday. The modest uptick of the pair is backed by the weakening of the US Dollar Index (DXY) below the mid-104.00s. In the absence of top-tier economic data releases from New Zealand, the USD price dynamic will be the main driver for the NZD/USD pair. The pair currently trades near 0.5995, gaining 0.04% on the day. 

    The Federal Reserve (Fed) held the benchmark rate to the 5.25%-5.5% range at its March meeting last week. The Fed Chairman Jerome Powell emphasized after that meeting that policymakers are likely to cut interest rates later this year, but only once they have greater confidence that inflation is moving toward its 2% target. That being said, the dovish remarks from the Fed officials might weigh on the US Dollar (USD) and create a tailwind for the NZD/USD pair in the near term. 

    The US Fed maintained its outlook for the median dot plot for 2024 and hinted at three quarter-point rate cuts this year. However, Fed Bank of Atlanta President Raphael Bostic said on Friday that he expected just one interest rate cut this year instead of the two rate cuts he had forecast due to persistent inflation and stronger-than-anticipated economic data. 

    On the Kiwi front, the International Monetary Fund (IMF) stated in the report that the Reserve Bank of New Zealand will have scope to start cutting interest rates later this year as inflation returns to its target band. IMF added that inflation in New Zealand is projected to return to its central bank’s 1-3% target in the third quarter of this year.

    The Chicago Fed National Activity Index, US New Home Sales for February, and Fed's Bostic speech are due on Monday. On Tuesday, the Durable Goods Orders will be released. The attention will shift to the release of US Gross Domestic Product Annualized on Thursday, which is expected to grow 3.2% in Q4. Traders will take cues from these events and find trading opportunities around the NZD/USD pair. 

    NZD/USD

    Overview
    Today last price 0.5997
    Today Daily Change 0.0004
    Today Daily Change % 0.07
    Today daily open 0.5993
     
    Trends
    Daily SMA20 0.6112
    Daily SMA50 0.6117
    Daily SMA100 0.6134
    Daily SMA200 0.6077
     
    Levels
    Previous Daily High 0.6052
    Previous Daily Low 0.5989
    Previous Weekly High 0.6107
    Previous Weekly Low 0.5989
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6013
    Daily Fibonacci 61.8% 0.6028
    Daily Pivot Point S1 0.5971
    Daily Pivot Point S2 0.5948
    Daily Pivot Point S3 0.5908
    Daily Pivot Point R1 0.6034
    Daily Pivot Point R2 0.6075
    Daily Pivot Point R3 0.6097

     

     

  • 22.03.2024 22:05
    NZD/USD Price Analysis: Bears maintain control, signs of short-term recovery surface
    • Indicators flash oversold conditions on the daily chart.
    • Contrarily, hourly chart indicators suggest a slow return of bullish impulse as the bears might have run out of steam.

    In Friday's session, the NZD/USD declined just below the 0.6000 threshold, illustrating a bearish outlook as sellers continue to dominate the market. The pair is positioned below its primary Simple Moving Averages (SMAs), further backing the bearish perspective. Technical indicators hint at a strengthening sellers' command but indicators lay in oversold terrain, a typical signal, and the buying momentum might recover.

    On the daily chart, the Relative Strength Index (RSI) for the NZD/USD pair resides in negative territory presently, indicating a prevailing downtrend as sellers dominate the market. The RSI was reported at 33, bordering on oversold conditions, a potential indication for future corrective movement. The Moving Average Convergence Divergence (MACD) histogram exhibits rising red bars, also confirming the negative momentum.

    NZD/USD daily chart

    Moving to the hourly chart, the RSI levels convey a relatively similar scenario. The value last rested at 28, corroborating its presence in the oversold territory. Contrarily, the MACD on the hourly chart displays rising green bars, hinting at a creeping positive momentum.

    NZD/USD hourly chart

    In essence, while the daily chart discloses a persisting bearish momentum, hourly indications of rising positive momentum in the MACD histogram may signal a reprieve from selling pressure. Looking at the broader trend, the pair is below the 20, 100, and 200-day Simple Moving Averages (SMAs), further implying a bearish outlook.

    NZD/USD

    Overview
    Today last price 0.5993
    Today Daily Change -0.0051
    Today Daily Change % -0.84
    Today daily open 0.6044
     
    Trends
    Daily SMA20 0.6122
    Daily SMA50 0.6123
    Daily SMA100 0.6134
    Daily SMA200 0.6078
     
    Levels
    Previous Daily High 0.6107
    Previous Daily Low 0.6037
    Previous Weekly High 0.6191
    Previous Weekly Low 0.608
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6064
    Daily Fibonacci 61.8% 0.608
    Daily Pivot Point S1 0.6018
    Daily Pivot Point S2 0.5993
    Daily Pivot Point S3 0.5948
    Daily Pivot Point R1 0.6088
    Daily Pivot Point R2 0.6133
    Daily Pivot Point R3 0.6158

     

     

  • 22.03.2024 04:17
    NZD/USD extends losses to near 0.6020 amid a stronger Greenback
    • NZD/USD pair loses ground after mixed PMI data from the United States.
    • US Dollar strengthens despite lower US Treasury yields.
    • New Zealand's Trade Balance improved to $-11.99 billion.

    NZD/USD continues to lose ground on the second consecutive session on a stronger US Dollar (USD), which could be attributed to mixed data from the United States (US). The NZD/USD pair inches lower to near 0.6020 during the Asian trading hours on Friday.

    The S&P Global Services PMI exhibited a slight decline in March, dropping to 51.7 from 52.3, slightly below the expected reading of 52.0. Conversely, the Manufacturing PMI increased to 52.5, surpassing expectations of 51.7 and the previous figure of 52.2. However, the Composite PMI showed a slight dip to 52.2 from the previous 52.5.

    The US Dollar Index (DXY) is continuing to strengthen despite lower US Treasury yields. However, the US Dollar has encountered challenges due to the Federal Reserve's (Fed) reaffirmation of expectations for three interest rate cuts in 2024. The prevailing consensus indicates the initiation of an easing cycle in June, with the timing of subsequent cuts dependent on incoming data.

    In February, New Zealand's Trade Balance improved to $-11.99 billion year-on-year, compared to the previous figure of $-12.62 billion. Both exports and imports witnessed an increase, rebounding from a minor decline observed in January. Exports surged to $5.89 billion from $4.81 billion, while imports rose to $6.11 billion from $5.9 billion.

    Moreover, there are emerging hopes that the Reserve Bank of New Zealand (RBNZ) might consider cutting its official cash rate this year, rather than waiting until next year, in response to an unexpected recession in Q4 of 2023.

    NZD/USD

    Overview
    Today last price 0.6013
    Today Daily Change -0.0031
    Today Daily Change % -0.51
    Today daily open 0.6044
     
    Trends
    Daily SMA20 0.6122
    Daily SMA50 0.6123
    Daily SMA100 0.6134
    Daily SMA200 0.6078
     
    Levels
    Previous Daily High 0.6107
    Previous Daily Low 0.6037
    Previous Weekly High 0.6191
    Previous Weekly Low 0.608
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6064
    Daily Fibonacci 61.8% 0.608
    Daily Pivot Point S1 0.6018
    Daily Pivot Point S2 0.5993
    Daily Pivot Point S3 0.5948
    Daily Pivot Point R1 0.6088
    Daily Pivot Point R2 0.6133
    Daily Pivot Point R3 0.6158

     

     

  • 21.03.2024 22:00
    NZD/USD Price Analysis: Bearish momentum gains ground, yet sellers may start to back off
    • The NZD/USD pair maintains its losing streak, depicting a bearish session on Thursday.
    • The RSI for the daily chart points to a growing selling momentum, while MACD prints rising red bars.
    • Mimicking the daily chart, the hourly signals flash the ongoing strength of the sellers but with indicators somewhat flat.

    The NZD/USD pair is trading lower at around 0.6045, undergoing a 0.33% decline. The currency pair's market sentiment seems to lean towards the bearish side, with sellers maintaining a strong grip. On the hourly chart, the selling pressure eased somewhat but the bears are still present.

    On the daily chart, the Relative Strength Index (RSI) remains in negative territory, suggesting that sellers dominate the market. Furthermore, the rising red bars of the Moving Average Convergence Divergence (MACD) histogram indicate growing negative momentum, further supporting this bearish outlook.

    NZD/USD daily chart

    When reviewing the hourly chart, a similar pattern arises. The RSI still resides in the negative territory, indicating a bearish momentum prevailing in the market. The red bars of the MACD histogram continue to increase in this shorter timeframe, signaling the ongoing strength of the sellers. However, the latter flattened near the oversold indicating that the pair may consolidate the downwards movements ahead of the Asian session. Fundamental factors will be key as they could prompt another leg downwards.

    NZD/USD hourly chart

    A consistent negative trend is evident across both timeframes after comparing the daily and hourly charts. The RSI and MACD indicators suggest continuing domination by sellers in the NZD/USD pair. Surveying the larger context, the pair falls below the 20, 100, and 200-day Simple Moving Averages (SMAs), adding more evidence to the negative trend depicted in the daily and hourly charts.

     

    NZD/USD

    Overview
    Today last price 0.6045
    Today Daily Change -0.0036
    Today Daily Change % -0.59
    Today daily open 0.6081
     
    Trends
    Daily SMA20 0.613
    Daily SMA50 0.6126
    Daily SMA100 0.6132
    Daily SMA200 0.6079
     
    Levels
    Previous Daily High 0.6086
    Previous Daily Low 0.6024
    Previous Weekly High 0.6191
    Previous Weekly Low 0.608
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6062
    Daily Fibonacci 61.8% 0.6048
    Daily Pivot Point S1 0.6041
    Daily Pivot Point S2 0.6002
    Daily Pivot Point S3 0.5979
    Daily Pivot Point R1 0.6103
    Daily Pivot Point R2 0.6126
    Daily Pivot Point R3 0.6165

     

     

  • 21.03.2024 14:17
    NZD/USD retreats to 0.6060 as US Dollar rebounds, NZ economy falls into a recession
    • NZD/USD falls sharply to 0.6060 as the US Dollar sees a sharp recovery.
    • The S&P Global reports that preliminary Manufacturing PMI surprisingly rose to 52.5 in March.
    • The Q4 NZ GDP shows that the economy was in a technical recession in the second half of 2023.

    The NZD/USD pair surrenders its intraday gains and turns negative in the early New York session on Thursday. The Kiwi asset falls back as the US Dollar rebounds sharply from its five-day low of 0.6060. The US Dollar Index (DXY) rises strongly to 103.76 as the Federal Reserve (Fed) has revised United States Gross Domestic Product (GDP) forecasts higher for 2024.

    Fed’s latest economic projections indicate that the US economy will grow by 2.1% in 2024, upwardly revised from December’s projections of 1.4%. An upbeat economic outlook bodes well for the domestic currency.

    Meanwhile, the S&P Global has reported mixed preliminary PMI data for March. The agency shows that the Manufacturing PMI surprisingly rose to 52.5 from the former reading of 52.2. Investors anticipated the factory PMI to decline to 51.7. The Services PMI that represents the service sector, which accounts for two-thirds of the economy, falls at a higher pace to 51.7 from expectations of 52.0 and the former reading of 52.3.

    The appeal for risk-perceived assets has weakened despite firm market expectations for the Fed to reduce interest rates after the June policy meeting. The CME FedWatch tool shows that there is a little over 74% chance that a rate cut will be announced in June, which is significantly up from the 59% recorded before the Fed’s meeting.

    On the Kiwi front, Statz NZ has reported that the economy was in a technical recession in the second half of 2023. The Q4 Gross Domestic Product (GDP) for 2023 surprisingly contracted by 0.1%, while investors projected the economy to have grown at a similar pace. In the third quarter of 2023, the NZ economy also contracted by 0.3%. A weak NZ economic outlook could force the Reserve Bank of New Zealand (RBNZ) to consider early rate cuts.

    NZD/USD

    Overview
    Today last price 0.6054
    Today Daily Change -0.0027
    Today Daily Change % -0.44
    Today daily open 0.6081
     
    Trends
    Daily SMA20 0.613
    Daily SMA50 0.6126
    Daily SMA100 0.6132
    Daily SMA200 0.6079
     
    Levels
    Previous Daily High 0.6086
    Previous Daily Low 0.6024
    Previous Weekly High 0.6191
    Previous Weekly Low 0.608
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6062
    Daily Fibonacci 61.8% 0.6048
    Daily Pivot Point S1 0.6041
    Daily Pivot Point S2 0.6002
    Daily Pivot Point S3 0.5979
    Daily Pivot Point R1 0.6103
    Daily Pivot Point R2 0.6126
    Daily Pivot Point R3 0.6165

     

     

  • 21.03.2024 07:35
    NZD/USD Price Analysis: Hovers above the psychological support of 0.6100
    • NZD/USD could test the psychological support of 0.6100 on Thursday.
    • Technical analysis indicates a bearish momentum for the pair.
    • The area around the 23.6% Fibonacci retracement level and the 21-day EMA could act as a resistance zone.

    NZD/USD continues to gain ground for the second consecutive day, which could be attributed to the dovish remarks by the Federal Reserve. The pair trades above the psychological support of 0.6100 during the early European session on Thursday.

    A decisive move below this level could exert downward pressure on the NZD/USD pair to navigate the area around the major support of 0.6050.

    A break below the latter could lead the NZD/USD pair to revisit March’s low at 0.6024, followed by the psychological support at 0.6000. Traders will closely monitor these levels for potential shifts in market sentiment.

    According to the Moving Average Convergence Divergence (MACD) analysis, a prevailing downward sentiment is indicated for the NZD/USD pair. This is evidenced by the MACD line positioned below both the centerline and the signal line, signaling a bearish trend. Furthermore, the 14-day Relative Strength Index (RSI) is below the 50 level, providing additional confirmation of the bearish sentiment.

    On the upside, the NZD/USD pair could find a key barrier lies at the 23.6% Fibonacci retracement level at 0.6115, aligned with the 21-day Exponential Moving Average (EMA) at 0.6118. The pair could face further resistance barriers if it climbs higher, with key levels anticipated at 0.6150.

    NZD/USD: Daily Chart

    NZD/USD

    Overview
    Today last price 0.6106
    Today Daily Change 0.0025
    Today Daily Change % 0.41
    Today daily open 0.6081
     
    Trends
    Daily SMA20 0.613
    Daily SMA50 0.6126
    Daily SMA100 0.6132
    Daily SMA200 0.6079
     
    Levels
    Previous Daily High 0.6086
    Previous Daily Low 0.6024
    Previous Weekly High 0.6191
    Previous Weekly Low 0.608
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6062
    Daily Fibonacci 61.8% 0.6048
    Daily Pivot Point S1 0.6041
    Daily Pivot Point S2 0.6002
    Daily Pivot Point S3 0.5979
    Daily Pivot Point R1 0.6103
    Daily Pivot Point R2 0.6126
    Daily Pivot Point R3 0.6165

     

     

  • 20.03.2024 23:03
    NZD/USD trades strongly below 0.6100 following New Zealand GDP data
    • NZD/USD gains ground around 0.6090 on the weaker USD. 
    • New Zealand's GDP for Q4 came in at -0.1% QoQ vs. -0.3% prior, weaker than expected. 
    • The Fed held interest rates steady at its March meeting on Wednesday, as widely expected. 
    • The US S&P Global PMI for March will be due on Thursday. 

    The NZD/USD pair trades on a stronger note below the 0.6100 mark during the early Asian session on Thursday. The decline of the US Dollar (USD) after the Federal Reserve (Fed) left its interest rates unchanged and Fed Chair Jerome Powell delivered a dovish message to provide some support to the pair. NZD/USD currently trades around 0.6090, gaining 0.15% on the day. 

    The latest data from Statistics New Zealand on Thursday showed that the nation’s GDP growth number contracted 0.1% QoQ in the fourth quarter from the previous reading of 0.3% contraction. The Annualized GDP for Q4 shrank 0.3% YoY from the 0.6% contraction in the previous reading. Both figures came in worse than market expectations, which might cap the upside of the New Zealand Dollar (NZD). 

    On the other hand, the Fed held the rate steady at 5.25–5.50% at its March meeting on Wednesday, with the median dot plot for 2024 unchanged from the 75 basis points (bps) of cuts shown in the December projections. During the press conference, Fed Chair Jerome Powell stated that a strong labour market Data wouldn’t deter the central bank from cutting rates. Powell emphasized that the central bank will wait for more data that inflation is sustainably moderating toward its 2% target. 

    Furthermore, Fed’s Powell reiterated that policymakers still intend to cut rates before the end of this year, given economic growth continues. The dovish comments from Powell exert some selling pressure on the Greenback and create a tailwind for NZD/USD. 

    Looking ahead, traders will keep an eye on the preliminary US S&P Global Purchasing Managers Index (PMI) for March, the weekly Initial Jobless Claims and Existing Home Sales. On Friday, New Zealand’s Trade Balance will be released. 

    NZD/USD

    Overview
    Today last price 0.6093
    Today Daily Change 0.0041
    Today Daily Change % 0.68
    Today daily open 0.6052
     
    Trends
    Daily SMA20 0.6135
    Daily SMA50 0.6129
    Daily SMA100 0.613
    Daily SMA200 0.6079
     
    Levels
    Previous Daily High 0.6092
    Previous Daily Low 0.6034
    Previous Weekly High 0.6191
    Previous Weekly Low 0.608
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6056
    Daily Fibonacci 61.8% 0.607
    Daily Pivot Point S1 0.6027
    Daily Pivot Point S2 0.6001
    Daily Pivot Point S3 0.5969
    Daily Pivot Point R1 0.6085
    Daily Pivot Point R2 0.6117
    Daily Pivot Point R3 0.6143

     

     

  • 20.03.2024 15:44
    NZD/USD Price Analysis: Breaks out of bottom of range and tumbles
    • NZD/USD breaks to fresh lows after breaking out of the bottom of a multi-month range. 
    • The pair is now oversold and could correct back in the near-term. 
    • Eventually NZD/USD is likely to continue its descent towards bearish price targets. 

    NZD/USD has broken out of the bottom of a long-term range and despite reaching oversold extremes is tipped to go even lower. 

    The NZD/USD had been oscillating within a multi-month range stretching from a floor at about 0.6080 to a ceiling at roughly 0.6210. On Tuesday it decisively broke below the floor and took a step lower – a bearish sign for price. 

    New Zealand Dollar versus US Dollar: 4-hour chart

    NZD/USD is currently trading at around 0.6035 and at oversold extremes according to the Relative Strength Index (RSI) momentum indicator. This indicates that there is a possibility the pair could pullback higher. The signal for a would come from the RSI existing oversold and rising again.Traders are advised not to add any more short-orders to their positions whilst the RSI is oversold and to close shorts when the indicator rises out of oversold. 

    Despite warning signs of a correction the longer-term outlook remains bearish. The pair is in an established short-term downtrend, with progressively lower peaks and troughs in the price action, and given the old adage that “the trend being your friend,” this suggests more downside as probable. 

    Further, NZD/USD has broken out of a long-term range and according to technical analysis theory the height of the range can be used as a guide to how much lower the pair could go. In the case of NZD/USD it suggests more downside is on the horizon. 

    The 0.618 Fibonacci ratio of the height of the range extrapolated from the breakout point lower provides an initial target at 0.5964. The 1.000 ratio provides a further target at 0.5892.

     

  • 20.03.2024 06:26
    NZD/USD extends downside to 0.6040 ahead of Fed policy, NZ Q4 GDP
    • NZD/USD falls to 0.6040 as dismal market sentiment dampens the appeal of risky assets.
    • The US Dollar consolidates ahead of the Fed’s policy meeting.
    • The NZ GDP is forecasted to have grown by 0.1% in the last quarter of 2023.

    The NZD/USD pair continues to face a sell-off and drops to 0.6040 in the late Asian session on Wednesday. The Kiwi asset is under pressure as investors have turned cautious ahead of the Federal Reserve’s (Fed) interest rate decision, which will be announced at 18:00 GMT.

    S&P 500 futures have posted some losses in the Asian session, portraying a decline in investors’ risk appetite. The US Dollar Index (DXY) consolidates around 103.85 as investors stay on the sidelines ahead of Fed policy.

    The Fed is widely anticipated to keep interest rates unchanged in the range of 5.25%-5.50% for the fifth time in a row. While uncertainty over rate-cut projections will keep the upside in risk-sensitive assets limited. Investors hope that the Fed could support keeping interest rates higher for longer as inflation remained stubborn in February. 

    Investors will keenly focus on the dot plot, which gets updated quarterly and shows projections for interest rates for different timeframes. 

    Meanwhile, the next move in the New Zealand Dollar will be guided by domestic Gross Domestic Product (GDP) numbers for the final quarter of 2023. The economy is anticipated to have expanded slightly by 0.1% after contracting by 0.3% in the third quarter of 2023. 

    An upbeat GDP data would allow the Reserve Bank of New Zealand (RBNZ) to maintain interest rates higher for longer. However, a decline in GDP figures would suggest that the New Zealand economy is in a technical recession. The RBNZ would be in trouble as it will be needed to make a balancing act between high inflation and vulnerable economic prospects.

     

    New Zealand Dollar FAQs

    The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD.

    The Reserve Bank of New Zealand (RBNZ) aims to achieve and maintain an inflation rate between 1% and 3% over the medium term, with a focus to keep it near the 2% mid-point. To this end, the bank sets an appropriate level of interest rates. When inflation is too high, the RBNZ will increase interest rates to cool the economy, but the move will also make bond yields higher, increasing investors’ appeal to invest in the country and thus boosting NZD. On the contrary, lower interest rates tend to weaken NZD. The so-called rate differential, or how rates in New Zealand are or are expected to be compared to the ones set by the US Federal Reserve, can also play a key role in moving the NZD/USD pair.

    Macroeconomic data releases in New Zealand are key to assess the state of the economy and can impact the New Zealand Dollar’s (NZD) valuation. A strong economy, based on high economic growth, low unemployment and high confidence is good for NZD. High economic growth attracts foreign investment and may encourage the Reserve Bank of New Zealand to increase interest rates, if this economic strength comes together with elevated inflation. Conversely, if economic data is weak, NZD is likely to depreciate.

    The New Zealand Dollar (NZD) tends to strengthen during risk-on periods, or when investors perceive that broader market risks are low and are optimistic about growth. This tends to lead to a more favorable outlook for commodities and so-called ‘commodity currencies’ such as the Kiwi. Conversely, NZD tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.

     

  • 19.03.2024 22:09
    NZD/USD Price Analysis: Bears remain in control, yet the hourly chart hints at easing sell-off pressure
    • The daily chart of NZD/USD presents a bearish outlook with the RSI and MACD deep in the red zone.
    • On the hourly chart, the selling pressure is easing.
    • The NZD/USD is operating below the main SMAs, indicating a persisting bearish bias.

    The NZD/USD pair registered a decline of 0.54%, falling towards 0.6050 in Tuesday's session. Earlier in the session, indicators reached oversold conditions on the hourly chart, and ahead of the Asian session, the pair seems to be consolidating

    On the daily chart, the pair is facing intense selling pressure, as indicated by the declining Relative Strength Index (RSI). The latest reading stands at 36, situated in the negative territory and nearing the oversold threshold, suggesting that sellers currently dominate the market. The Moving Average Convergence Divergence (MACD) also confirms this bearish sentiment, with its rising red bars indicating mounting negative momentum.

    NZD/USD daily chart

    On the hourly chart, however, the picture differs. The RSI readings appear to fluctuate within the negative territory, with the last reading measured at 42, slightly higher than the reading on the daily chart, denoting tempered selling pressure after bottoming at a low of 22 earlier in the session. Here, the MACD shows a declining selling pressure.

    NZD/USD hourly chart

    On a broader scale, the trend is still bearish as the pair continues to trade below its 20, 100, and 200-day Simple Moving Averages (SMAs).

    NZD/USD

    Overview
    Today last price 0.6054
    Today Daily Change -0.0031
    Today Daily Change % -0.51
    Today daily open 0.6085
     
    Trends
    Daily SMA20 0.6141
    Daily SMA50 0.6133
    Daily SMA100 0.6127
    Daily SMA200 0.608
     
    Levels
    Previous Daily High 0.6101
    Previous Daily Low 0.6077
    Previous Weekly High 0.6191
    Previous Weekly Low 0.608
    Previous Monthly High 0.6219
    Previous Monthly Low 0.6037
    Daily Fibonacci 38.2% 0.6086
    Daily Fibonacci 61.8% 0.6092
    Daily Pivot Point S1 0.6075
    Daily Pivot Point S2 0.6064
    Daily Pivot Point S3 0.6051
    Daily Pivot Point R1 0.6099
    Daily Pivot Point R2 0.6112
    Daily Pivot Point R3 0.6123

     

     

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