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New Zealand Dollar in Anticipation of Growth Drivers

8/23/2022 11:30 AM

The New Zealand dollar is correcting after a steady decline observed in the last six trading days. The uptrend is due to technical factors, while the positions of the US currency remain quite strong amid the expectations of market participants regarding further steps by the US Federal Reserve to tighten monetary policy.

However, investors prefer to wait for the speech of the Chair of the US regulator Jerome Powell at the symposium in Jackson Hole on Thursday at 15:00 (GMT+2). The market is looking for hints of a continuation of the aggressive 75 basis points hike in interest rates as the national economy shows stability, and the inflation rate, according to July data, fell from record highs.

Today, investors will be focused on the data from the US on the level of business activity and New Home Sales in July. New Zealand, in turn, will publish statistics on Retail Sales for the second quarter on Thursday.

Bollinger Bands in D1 chart demonstrate a weak decrease. The price range expands, making way to new local lows for the "bears". MACD is going down preserving a stable sell signal (located below the signal line). Stochastic, which has reached its lows, is trying to reverse upwards, signaling in favor of the development of corrective growth in the nearest time intervals.

Resistance levels: 0.6200, 0.6250, 0.6300, 0.6350. | Support levels: 0.6155, 0.6079, 0.6040, 0.6000.

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