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29 August 2024,01:56
Trade Of The Day
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29 August 2024, 01:56
* Business Boom: The New Zealand Dollar sees increased buying interest as the nation’s business confidence surges in August. ANZ Bank’s survey revealed that New Zealand’s business confidence soared to its highest level in a decade, with forward-looking activity indicators showing significant growth. The headline figure indicated that a net 50.6% of respondents expect the economy to improve over the next year, up from 27.1% in July. Additionally, a net 37.1% of respondents anticipated growth in their own businesses over the next 12 months, marking a seven-year high compared to 16.3% last month.
* Technical Breakout: NZDUSD was traded higher while currently testing the resistance level 0.62785. MACD which illustrate bullish momentum signal suggest the pair to likely extend its gains after it breaks above the level.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 0.63700. Conversely, a potential reversal is also to be expected and the price could head back towards 0.61920.
Looking ahead, investors will focus on upcoming key U.S. data such as U.S GDP, Initial Jobless Claims and the Fed preferred indicator, Core PCE Price Index which due later this Friday.
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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