Nzdusd rises slightly, traders anticipate U.S. GDP data release

NZDUSD Analysis

Performance after Monday
Period	Pct	Chg	Momentum
Monday	0.07%	4.3 Pips
Week to-date	-0.01%	-0.7 Pips
October	-5.75%	-364.8 Pips

Upcoming key events (London Time)

Wed 12:30 PM USD GDP annual rate

What happened lately

Currently, there are no significant economic events or news from New Zealand that could impact the NZDUSD currency pair in the near term. The markets appear stable, with no recently reported developments affecting the economic landscape.

Turning to the United States, there are no major economic news events reported that have influenced the currency markets recently. However, market participants are keeping a close eye on upcoming salient economic data, particularly the GDP annual rate figures scheduled for release on Wednesday at 12:30 PM. This high-impact data release, reported by Economic Recap, is expected to attract significant attention as it will provide insights into the health and trajectory of the U.S. economy, potentially impacting global markets and the USD’s strength.

With respect to the NZDUSD currency pair, modest movement has been observed with a 0.07% increase on Monday, bringing the exchange rate to 0.59805. The pair is reported to be in a consolidation phase, reflecting a period of indecisiveness in the market, with traders potentially waiting for Wednesday’s U.S. GDP data. The release of this data could provide the necessary catalyst to push the pair out of its current consolidation, as better-than-expected GDP growth could strengthen the USD, exerting downward pressure on NZDUSD. Conversely, weaker-than-expected figures may weaken the USD, potentially boosting the pair. In the absence of major economic news from New Zealand, these U.S. data releases will likely continue to be the focal point for currency traders in the coming days.

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What can we expect from NZDUSD today?

NZDUSD on Monday rose 0.07% to 0.59805. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.59594 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.59973 or trades above daily pivot 0.59783. Break above could target R1 at 0.59995. While to the downside, we are looking at 0.59594 (S1) and daily low of 0.59572 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.59973 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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