empty
16.09.2024 12:38 PM
NZD/USD. Analysis and Forecast

This image is no longer relevant

The NZD/USD pair is drawing in buyers after a decline, reversing a significant portion of Friday's decline from the 0.6200 level. Spot prices have risen to the 0.6180-0.6185 area, signaling the potential for further extension of last week's rebound from the crucial 200-day Simple Moving Average (SMA).

This image is no longer relevant

Rising expectations of a 50 basis point interest rate cut by the Federal Reserve are pulling the U.S. Dollar Index closer to its early-year low, providing support to the NZD/USD pair. Additionally, a generally positive tone in equity markets is undermining the dollar. This helps offset a series of bleak Chinese macroeconomic data released over the weekend and benefits the risk-sensitive New Zealand dollar.

This image is no longer relevant

Technical Analysis. From a technical perspective, oscillators on the daily chart — while moving off lower levels — have yet to fully confirm a bullish trend. This suggests it would be prudent to wait for additional buying beyond the 0.6200 level before placing new bullish positions ahead of the FOMC decision, which will be announced on Wednesday. Following that, the NZD/USD pair could rise to the 0.6255 level on its way to the 0.6300 level and the multi-month high reached in August.

On the other hand, the 0.6155 level now acts as immediate support against further declines before reaching the monthly low. Below that is the round number of 0.6100 or the 200-day SMA, which, if decisively broken, could be seen as a new trigger for bears. The downward trajectory may then continue to the psychological level of 0.6000, with some obstacles along the way.

This image is no longer relevant

Irina Yanina,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

What to Pay Attention to on May 13? A Breakdown of Fundamental Events for Beginners

Quite a few macroeconomic events are scheduled for Tuesday, but most are expected to have only a minor impact on the movement of both currency pairs. As a reminder

Paolo Greco 05:59 2025-05-13 UTC+2

EUR/USD. The Dollar Is Back in the Saddle. But for How Long?

The greenback is back on top: the U.S. Dollar Index hit a four-week high on Monday, responding to the announcement of a three-month truce in the trade war between

Irina Manzenko 01:01 2025-05-13 UTC+2

China Helped the Dollar Halt Its Decline

The CFTC report released on Friday showed minimal changes in overall currency positioning, with the net USD position against major currencies decreasing by a symbolic $0.1 billion to—$17.2 billion

Kuvat Raharjo 00:24 2025-05-13 UTC+2

The Dollar Takes Time to Saddle Up but Rides Fast

Investors have shifted from the "Sell America" strategy that emerged after the White House imposed tariffs to "Buy America" amid positive developments in U.S.-China trade relations. While the S&P

Marek Petkovich 00:23 2025-05-13 UTC+2

Bitcoin Has Completed Its Minimum Task

Bitcoin has broken above the 100,000 mark, entered a consolidation phase, and confirmed the familiar pattern. Previously, after breaking through psychologically significant levels, the cryptocurrency experiences a period of stagnation

Marek Petkovich 00:23 2025-05-13 UTC+2

Has Common Sense Prevailed? (High probability of #SPX growth and a drop in gold prices)

On Monday, the United States announced "significant progress" in trade talks with China following a two-day meeting in Switzerland over the weekend. Markets reacted to this news with a gap-up

Pati Gani 11:00 2025-05-12 UTC+2

GBP/USD. An Important Week for the Pound

The GBP/USD pair is again under pressure due to the broad strengthening of the U.S. dollar. Last week, the pound attempted to break into the 1.34 zone in reaction

Irina Manzenko 10:49 2025-05-12 UTC+2

The Market Will Face Reality

How quickly things change on the financial markets! Before America's Liberation Day, investors viewed the 10% universal import tariff as disastrous. Now, it's seen as the most favorable option

Marek Petkovich 09:18 2025-05-12 UTC+2

What to Pay Attention to on May 12? A Breakdown of Fundamental Events for Beginners

There are no macroeconomic events scheduled for Monday. Fundamental developments will also be limited, but at this point, it is entirely unclear which factors are influencing price formation. The pound

Paolo Greco 06:51 2025-05-12 UTC+2

EUR/USD. Weekly Preview. Prepare for Price Turbulence

The upcoming week promises to be volatile. First, the market will react to the results of the Geneva meeting between representatives of the US and China. Second, key reports

Irina Manzenko 05:34 2025-05-12 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.