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Trade with simulated capital and earn real profits after you pass our trader assessment.
7 February 2025,02:19
Trade Of The Day
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7 February 2025, 02:19
* Sluggish Stats: The New Zealand dollar posted modest gains against the U.S. dollar after weaker-than-expected U.S. PMI data pressured the greenback. U.S. services sector activity unexpectedly slowed in January due to weakening demand, contributing to a moderation in price growth. On Wednesday, the Institute for Supply Management (ISM) reported that its non-manufacturing purchasing managers index (PMI) declined to 52.8 in January from 54.0 in December. This fell short of economists’ expectations, as a Reuters poll had projected the services PMI to rise to 54.3.
* Technical Breakout: NZDUSD was traded higher following prior breakout above the resistance level 0.56650. MACD which illustrate ongoing bullish bias signal suggest pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 0.57600. Conversely, a potential reversal is also to be expected and the price could head back towards 0.55900 after it breach back below the level 0.56650.
Looking ahead, traders will focus on key U.S. data which includes Non-Farm Payrolls and Unemployment Rate, to assess market sentiment and gain further insights into economic trends.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and New Zealand data, global market updates, central bank updates and any shifts in the US Dollar’s strength and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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