NZDUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.23% | -13.7 Pips |  |
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| Week to-date | -0.16% | -9.4 Pips | |
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| November | 0.25% | 15.2 Pips |  |
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Upcoming key events (London Time)
Tue 12:00 AM USD Presidential Election
Tue 09:45 PM NZD Employment Change
What happened lately
The U.S. showed an improvement in new orders for manufactured goods in September, recording a decrease of only -0.5% compared to the previous month’s revised figure of -0.8%, according to the Census Bureau. This indicates a slight recovery in the manufacturing sector, which could suggest resilience in the broader U.S. economy despite ongoing challenges. Such an uptick in orders might reflect increasing demand for manufactured goods, potentially boosting production activity and signaling positive economic momentum. This development could have broader implications for future economic planning and fiscal policies, possibly influencing confidence among manufacturers and investors about the prospects of further recovery or stability.
In the financial markets, NZDUSD saw a slight decline of -0.23%, settling at a rate of 0.59865. The pair appears to be in a consolidation phase. Upcoming events are significant and include key moments such as the USD Presidential Election scheduled at 12:00 AM, which is of high importance. Any decisions or outcomes from this election could lead to volatility in currency markets, particularly impacting USD valuation and movement. Additionally, the NZD Employment Change is another high-impact event set to occur on Tuesday at 09:45 PM, which could influence the NZD’s strength or weakness depending on the results of employment statistics in New Zealand.
In terms of how the news may affect NZDUSD, the slight improvement in U.S. manufacturing orders could support the U.S. dollar if seen as a sign of economic resilience. This might put downward pressure on NZDUSD if investors favor the USD due to better-than-expected economic indicators. However, the consolidation phase suggests that traders may be awaiting significant upcoming events like the presidential election results and New Zealand’s employment change data to make more informed decisions, possibly resulting in fluctuations depending on the outcomes. Market participants will be closely examining these layered economic data and geopolitical elements to gauge future currency movements and adjust their positions accordingly.
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What can we expect from NZDUSD today?
NZDUSD on Monday dropped -0.23% to 0.59865. 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 0.59732 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.60153 or trades above daily pivot 0.59943. Break above could target R1 at 0.60075. While to the downside, we are looking at 0.59732 (S1) and daily low of 0.59810 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.59810 would indicate selling pressure.
For the week to-date, take note that NZDUSD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 0.60418 |
| R2 | 0.60286 |
| R1 | 0.60075 |
| Daily Pivot | 0.59943 |
| S1 | 0.59732 |
| S2 | 0.596 |
| S3 | 0.59389 |
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