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7 August 2024,02:15
Trade Of The Day
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7 August 2024, 02:15
* Kiwi Rally: The New Zealand Dollar is gaining strength against the USD, driven by stronger-than-expected employment data from New Zealand. Traders are revising their expectations, reducing the likelihood of a rate cut by the Reserve Bank of New Zealand (RBNZ) next week. According to Statistics New Zealand’s data released on Wednesday, the Unemployment Rate increased to 4.6% in the second quarter (Q2), up from 4.3% in the first quarter but better than the projected 4.7%. Moreover, Employment Change grew by 0.4% in Q2, reversing the previous quarter’s 0.2% decline and exceeding the anticipated 0.2% decrease. These encouraging results have diminished the chances of an RBNZ rate cut, boosting the Kiwi against the USD.
* Technical Breakout: NZDUSD was traded higher following prior breakout above the previous resistance level 0.59850. MACD which illustrate bullish momentum signal with bullish market structure breakout suggest the pair to extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 0.61000. Conversely, a potential reversal is also to be expected and the price could head back towards 0.58750 if the price retraces and breaks back below the level 0.59850.
Looking ahead, traders will be attentive to upcoming U.S. economic data, including Initial Jobless Claims. Additionally, they will be watching the release of China’s July Consumer Price Index (CPI) on Friday for potential new market trends. A weaker-than-expected CPI reading or indications of an economic slowdown in China could influence the New Zealand Dollar, given the strong trading relationship between China and New Zealand
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, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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