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18 December 2024,02:08
Trade Of The Day
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18 December 2024, 02:08
* Retail Resurgence: The New Zealand dollar continues to struggle against the U.S. dollar as stronger-than-expected U.S. Retail Sales bolster the greenback. Data from the U.S. Census Bureau revealed a 0.7% MoM increase in Retail Sales for November, surpassing the 0.5% market estimate and improving on the revised 0.4% growth from October. Simultaneously, the Kiwi faces mounting pressure from trade uncertainties, with Donald Trump announcing a 10% tariff on Chinese imports. Further compounding the situation, Chinese Retail Sales missed expectations in November, highlighting challenges for policymakers despite President Xi Jinping’s recent call to enhance household consumption. The economic instability in China, a vital trade partner for New Zealand, adds additional strain on the Kiwi.
* Technical Breakout: NZDUSD was traded lower following prior breakout below the previous support level 0.57750. MACD which illustrate diminishing bullish bias signal suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 0.56700. Conversely, a potential reversal is also to be expected and the price could head back towards 0.58750 after it breach back above the level 0.57750.
Looking ahead, the market spotlight will be on this week’s interest rate decisions from the Fed. Additionally, crucial U.S. data such as Core PCE Price Index, will be closely monitored by the market.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and EU 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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