NZDUSD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 1.32% | 82.7 Pips |  |
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| Week to-date | 1.77% | 110.6 Pips | |
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| September | 1.33% | 83.5 Pips |  |
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Upcoming key events (London Time)
Thu 01:30 PM USD GDP annual rate Thu 02:20 PM USD Federal Reserve Chair Jerome Powell speech
What happened lately
In the United States, the House Price Index for July showed a slight increase, rising by 0.1% from the previous figure of -0.1% in June. This data, reported by the Federal Housing Finance Agency (FHFA), indicates a stabilization or mild improvement in housing prices, which could reflect relatively steady demand in the housing market amid varying economic conditions.
The NZDUSD pair rose by 1.32% to 0.63468 on Tuesday. This increase can be attributed to the improved macroeconomic sentiment in New Zealand, alongside a generally weaker USD. The U.S. housing data supports some stability; however, traders are also eyeing upcoming significant events, such as the U.S. GDP annual rate announcement and Federal Reserve Chair Jerome Powell’s speech, both scheduled for Thursday. These upcoming events are expected to greatly influence market sentiment and could bring about heightened volatility, especially for the USD.
Given the current data, the modest improvement in the U.S. House Price Index may offer some support to the USD, but not enough to have a significant impact on the NZDUSD unless followed by stronger economic indicators. The market’s focus will primarily shift to the GDP annual rate and the anticipated speech by Federal Reserve Chair Jerome Powell. Positive GDP data and a hawkish tone from Powell could fortify the USD, potentially reversing some of the gains made by NZDUSD. Conversely, if the data disappoints or Powell adopts a dovish stance, the NZDUSD could experience further gains. Market participants will likely position themselves cautiously ahead of these high-impact events, contributing to near-term uncertainties affecting the pair.
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What can we expect from NZDUSD today?
NZDUSD on Tuesday rose 1.32% to 0.63468. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for NZDUSD looks bullish as the pair ended higher after Tuesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 0.63777 with break above could target R2 at 0.64087 or figure level area. While towards the downside, we are looking at daily low of 0.62584 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.63490 may suggest continuation after recent positive movement.
For the week to-date, take note that NZDUSD is bullish as the pair continued to trade higher and is up by 1.77% over the past few days.
Key levels to watch out:
| R3 | 0.64683 |
| R2 | 0.64087 |
| R1 | 0.63777 |
| Daily Pivot | 0.63181 |
| S1 | 0.62871 |
| S2 | 0.62275 |
| S3 | 0.61965 |
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