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NZDUSD Market Update

2/20/2023 12:00 PM

Against the stabilization of the US dollar, the NZD/USD pair is trading near 0.6243.

New Zealand's economic recovery outlook remains uncertain amid conflicting macroeconomic data. Tomorrow, Q4 2022 producer price indexes will be published: analysts expect that the indicator of purchase prices could rise by 2.4% after an increase of 0.8% earlier and selling prices – by 2.1% after a gain of 1.6%.

The US dollar is trading at 103.800 in the USD Index, little changed since Friday's close. Concerning macroeconomic statistics, we can highlight the January increase in prices for exports to the United States by 0.8% after a correction of -3.2% in December. Tomorrow, data on the national real estate market, one of the main indicators of the state of the economy, will be presented: for the first time in the last 12 months, analysts expect sales growth in the secondary market to 4.10M from 4.02M, which is 2.0% better than the value a month earlier of –1.5%.

The trading instrument continues its corrective decline, approaching the December low at 0.6190.

Technical indicators strengthen the sell signal: fast EMAs on the Alligator indicator move away from the signal line, and the AO histogram forms downward bars in the sell zone.

Resistance levels: 0.6300, 0.6450. | Support levels: 0.6190, 0.6060.

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