NZDUSD rises 0.44% as U.S. manufacturing index improves

NZDUSD Analysis

Performance after Monday
Period	Pct	Chg	Momentum
Monday	0.44%	27.4 Pips
Week to-date	0.49%	30 Pips
September	-1.12%	-70.3 Pips

Upcoming key events (London Time)

Tue 01:30 PM USD Monthly Retail Trade (1-mth)
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 07:00 PM USD Interest Rate Projections

What happened lately

The New York Empire State Manufacturing Index for September in the United States showed a significant improvement, rising to 11.5 points from the previous month’s reading of -4.7 points. This better-than-expected increase indicates a rebound in manufacturing activity in the region, reflecting stronger economic growth and potentially boosting investor confidence in the U.S. economy. Source: New York Fed.

NZDUSD increased by 0.44% to 0.61930 on Monday. The rise in the U.S. manufacturing index could influence the currency pair differently in the coming days. As traders gear up for crucial U.S. economic events, including the Monthly Retail Sales report and the Federal Reserve’s interest rate decision along with interest rate projections, heightened volatility is likely. If the retail sales data and Fed decisions hint at economic strength and possible rate hikes, the U.S. dollar could strengthen, causing NZDUSD to potentially face downward pressure. Conversely, if the outcomes are less favorable than anticipated, the NZD might find support against a weaker USD.

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What can we expect from NZDUSD today?

NZDUSD on Monday rose 0.44% to 0.61930. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for NZDUSD looks bullish as the pair ended higher after Monday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 0.62128 with break above could target R2 at 0.62326 or figure level area. While towards the downside, we are looking at daily low of 0.61536 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.62030 may suggest continuation after recent positive movement.

For the week to-date, take note that NZDUSD is mixed as compared to the prior week.

Key levels to watch out:

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