NZDUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.85% | -51.6 Pips |  |
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| Week to-date | -0.95% | -57.5 Pips | |
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| October | -5.06% | -321.2 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
In New Zealand, the export figures for September experienced a slight increase, as reported by Stats NZ. The exports rose from $4.97 billion in August to $5.01 billion in September. This improvement signals an uptick in demand for New Zealand goods, which could be beneficial for their economy. On the other hand, import figures recorded a slight decrease, dropping from $7.17 billion in August to $7.12 billion in September. This reduction in imports could indicate either a decrease in domestic demand for foreign goods or an improvement in trade balance, as reflected in the country’s 12-month trade balance. The trade balance improved, narrowing the deficit from -9.29 NZD billion in August to -9.09 NZD billion in September. Such data suggest a positive shift in New Zealand’s trade dynamics, although the balance is still in deficit.
Despite the favorable news regarding exports and trade balance, the NZDUSD saw a decline of 0.85% on Monday, closing at 0.60241. This depreciation suggests that other market factors might have overshadowed the slight improvements in trade data. For instance, external influences such as global market sentiment, US economic data, or monetary policy expectations in the United States could have had a more pronounced impact. Additionally, if investors anticipated stronger improvements or were reacting to broader market trends, that could also explain the weakening of the New Zealand dollar against the US dollar. Without significant upcoming local events, these external factors may continue influencing the NZDUSD, emphasizing the importance for traders and investors to remain vigilant on global economic cues and market sentiment shifts.
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What can we expect from NZDUSD today?
NZDUSD on Monday dropped -0.85% to 0.60241. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for NZDUSD looks bearish as the pair posted lower in Monday trading session.
Looking ahead for the day, immediate support level is at S1 0.60039 with break below could see further selling pressure towards S2 at 0.59836. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.60838 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.60236 would indicate selling pressure.
For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -0.95%.
Key levels to watch out:
| R3 | 0.61243 |
| R2 | 0.6104 |
| R1 | 0.60641 |
| Daily Pivot | 0.60438 |
| S1 | 0.60039 |
| S2 | 0.59836 |
| S3 | 0.59437 |
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