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New Zealand Dollar Returned to Decline

2/10/2023 10:44 AM

The NZD/USD pair shows an active decline, testing 0.6300 for a breakdown. The day before, the instrument made a rather aggressive attempt to grow; however, the "bulls" failed to consolidate at the local highs of February 3.

Meanwhile, the macroeconomic background in both New Zealand and the US remained mixed. Initial Jobless Claims in the US for the week ended February 3 increased from 183.0 thousand to 196.0 thousand, which turned out to be higher than analysts' forecasts of growth to 190.0 thousand, and Contiuing Jobless Claims for the week ended January 27 increased from 1.650 million to 1.688 million, which also turned out to be higher than the expected 1.658 million.

New Zealand data showed an increase in Electronic Card Retail Sales in January by 2.6% after -2.3% in the previous month, while analysts had expected 1.9%. At the same time, in annual terms, the indicator decreased from 4.8% to 2.7%, contrary to forecasts of growth to 9.1%.

Bollinger Bands in D1 chart demonstrate a stable decrease. The price range expands, making way to new local lows for the "bears". MACD continues its downtrend, strengthening its sell signal (the histogram is below the signal line). Stochastic, having attempted an upward correction at the beginning of the week, reversed to the horizontal plane, indicating the ambiguous nature of trading at the end of the week.

Resistance levels: 0.6350, 0.6400, 0.6450, 0.6500. | Support levels: 0.6288, 0.6250, 0.6200, 0.6155.

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