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NZDUSD Quotes Remain within the Downward Channel

11/29/2022 12:50 PM

The New Zealand currency is holding within an uptrend, being at 0.6205, and the recent macroeconomic statistics contributed to its local growth.

Thus, according to the report of Statistics New Zealand (Stats.nz), employment in the main sectors of the economy in October adjusted to 2.32M jobs, but the decrease in the indicator in the primary sectors was 1.7%, in the commodity-producing sector, growth reached 0.6%, while the service sector showed no change. Regarding age groups, the largest increase in the value was observed in the category of 15–19 years old, which added 18.5%, and the maximum outflow of workers was in the category of 25–29 years old, which amounted to –3.3%. Considering that the first category includes mainly part-time jobs, the increase in this category had little effect on economic activity. The situation in the asset may change tomorrow when the data on building permits is published, the positive dynamics of which reached 3.8% last month.

The US dollar is holding at last week's closing levels near 106.100 in the USD Index. Today, investors are waiting for the publication of data on the consumer confidence index from the Conference Board for November: last month, the indicator fell to 102.5 points from 107.8 points, and this time, analysts expect the negative dynamics to continue to 100.0 points, which will strengthen the negative trend, which can last for a whole quarter.


The trading instrument moves within the downward channel on the daily chart, steadily near the resistance line.

Technical indicators maintain a stable buy signal, working out a slight correction: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram is forming rising bars in the buying zone.

Resistance levels: 0.6265, 0.6467. | Support levels: 0.6100, 0.5878.



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