NZD/USD: consolidation at local highs
Current trend
The New Zealand dollar traded mixed against the US dollar during the Asian session, holding close to 0.6750. Activity on the market remains restrained amid a sharp increase in volatility, and investors expect new drivers to appear amid the continuation of the armed conflict in Ukraine. At the beginning of the week, Russian President Vladimir Putin ordered the military to transfer the deterrence forces to a special mode of combat duty, which added nervousness to the market.
The New Zealand dollar is slightly supported today by optimistic macroeconomic statistics from China; however, in this case, the market reaction remains restrained. NBS Manufacturing PMI in February rose from 50.1 to 50.2 points, which turned out to be better than the forecast of a fall to 49.9 points. In turn, the Non-Manufacturing PMI in February strengthened from 51.1 to 51.6 points, and the Caixin Manufacturing PMI increased from 49.1 to 50.4 points over the same period, also ahead of forecasts at 49.3 points.
Today, markets are waiting for the publication of data from the US on the dynamics of business activity from ISM in the manufacturing sector. Also during the day the Redbook Index of retail prices will be published.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range expands from above, freeing a path to new local highs for the "bulls". MACD indicator is growing, while preserving a rather stable buy signal (located above the signal line). Stochastic, having retreated from its highs last week, returns to the ascending plane again, indicating the risks of overbought New Zealand dollar in the ultra-short term.
Resistance levels: 0.6775, 0.6808, 0.6840, 0.6866.
Support levels: 0.6732, 0.6700, 0.6650, 0.6600.
The New Zealand dollar traded mixed against the US dollar during the Asian session, holding close to 0.6750. Activity on the market remains restrained amid a sharp increase in volatility, and investors expect new drivers to appear amid the continuation of the armed conflict in Ukraine. At the beginning of the week, Russian President Vladimir Putin ordered the military to transfer the deterrence forces to a special mode of combat duty, which added nervousness to the market.
The New Zealand dollar is slightly supported today by optimistic macroeconomic statistics from China; however, in this case, the market reaction remains restrained. NBS Manufacturing PMI in February rose from 50.1 to 50.2 points, which turned out to be better than the forecast of a fall to 49.9 points. In turn, the Non-Manufacturing PMI in February strengthened from 51.1 to 51.6 points, and the Caixin Manufacturing PMI increased from 49.1 to 50.4 points over the same period, also ahead of forecasts at 49.3 points.
Today, markets are waiting for the publication of data from the US on the dynamics of business activity from ISM in the manufacturing sector. Also during the day the Redbook Index of retail prices will be published.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range expands from above, freeing a path to new local highs for the "bulls". MACD indicator is growing, while preserving a rather stable buy signal (located above the signal line). Stochastic, having retreated from its highs last week, returns to the ascending plane again, indicating the risks of overbought New Zealand dollar in the ultra-short term.
Resistance levels: 0.6775, 0.6808, 0.6840, 0.6866.
Support levels: 0.6732, 0.6700, 0.6650, 0.6600.
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