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15 July 2024,02:23
Trade Of The Day
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15 July 2024, 02:23
* PSI Bust: The New Zealand dollar has weakened against the US dollar due to a weaker-than-expected Business NZ Performance Services Index. The New Zealand service sector’s decline has accelerated, with the index dropping to 40.2 in June, marking its fourth consecutive monthly decrease and the lowest level of activity recorded in a month. Furthermore, the recovering US dollar is putting additional pressure on the NZD/USD pair, as risk aversion intensified following an attempted assassination of former US President Donald Trump.
* Technical Breakout: NZDUSD was traded lower following recent retracement from the resistance level 0.61180. MACD which illustrate bearish momentum signal suggest the pair to further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 0.60700. Conversely, a potential correction is also to be expected and the price could head towards 0.61180.
Moving ahead, investors will focus on upcoming data such from the U.S such as Retail Sales. Moreover, the market will be look towards China, as the Communist Party of China starts the Third Plenum today. This significant meeting could shape the country’s long-term economic strategy and offer additional momentum.
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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