Nzdusd rises slightly amid US economic data updates

NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.02%	0.9 Pips
Week to-date	-0.13%	-7.7 Pips
October	-5.9%	-374.3 Pips

Upcoming key events (London Time)

Thu 12:30 PM USD PCE Price Index, excluding food and energy (12-mth)
Fri 12:30 PM USD Nonfarm Payroll Employment

What happened lately

In the United States, the flash estimate for Q3 GDP showcased a slight reduction to 2.8% compared to 3.0% in Q2, as reported by the Bureau of Economic Analysis. The pending home sales for September showed impressive growth, increasing by 7.4% from 0.6% in August. Additionally, the PCE excluding food and energy prices saw a decline to 2.2% in Q3, a drop from 2.8% in Q2. Furthermore, the GDP Price Index fell from 2.5% in Q2 to 1.8% in Q3, and the PCE Price over a 3-month period also saw a decrease to 1.5%, from the previous 2.5%. The Labor Statistics Bureau highlighted that the U.S. Job Openings and Labor Turnover Survey witnessed a decline in job openings, tallying at 7.443 million for September, down from a revised figure of 7.861 million in August, initially reported as 8.04 million.

In terms of the NZDUSD currency pair, the rate experienced a minor increase of 0.02% to reach 0.59710 on Wednesday. The market for the pair appears to be in a state of consolidation, with no pronounced movement observed. However, upcoming U.S. economic indicators, particularly the PCE Price Index excluding food and energy, as well as the Nonfarm Payroll Employment data due later this week, hold the potential to influence the currency pair. Should the PCE data reflect subdued inflation, it might reduce the appeal of the U.S. dollar, potentially supporting the New Zealand dollar further. Conversely, any robust employment figures from the Nonfarm Payroll Employment data might bolster the U.S. dollar, which could place pressure on the NZDUSD pair. These forthcoming economic releases are pivotal and could provoke notable volatility, affecting investors’ strategies and positions regarding the NZDUSD pair.

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What can we expect from NZDUSD today?

NZDUSD on Wednesday rose 0.02% to 0.59710. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.5947 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.60014 or trades above daily pivot 0.59742. Break above could target R1 at 0.59982. While to the downside, we are looking at 0.5947 (S1) and daily low of 0.59502 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.60014 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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