Solid News

NZDUSD Corrective Dynamics During the Asian Session

2/24/2023 10:52 AM

The NZD/USD pair shows mixed trading, consolidating near 0.6230, returning to the opening levels of Monday, February 20. The main "bullish" factor for the New Zealand currency during the week was the decision of the Reserve Bank of New Zealand (RBNZ) to raise interest rates by 50 basis points to 4.75%, which coincided with analysts' forecasts and signaled a continuation of the policy of tightening monetary conditions. Regarding further plans, the regulator did not give any signals; however, analysts are positive about the prospects for new increases in value at the same or slower pace.

The minutes of the February meeting of the US Federal Reserve, released this week, also reflected the regulator's "hawkish" mood and readiness for new interest rate increases. In February, the Fed increased the figure by 25 basis points and the same decision is expected from the March meeting.

Today, traders will follow a block of macroeconomic statistics on the dynamics of personal Income and Spending of US households in January, where forecasts suggest an increase in Income from 0.2% to 0.9%, and Spending can rise from -0.2% to 1.3%; also, data on New Home Sales are expected: the indicator may accelerate from 2.3% to 2.5%. In addition, investors are counting on additional comments from the representatives of the US Federal Reserve, Philip Jefferson and Loretta Mester, who is the President of the Federal Reserve Bank (FRB) of Cleveland.


Bollinger Bands in D1 chart demonstrate a moderate decrease. The price range is almost unchanged, but it remains rather spacious for the current level of activity in the market. MACD has reversed to growth having formed a new buy signal (located above the signal line). Stochastic is showing a similar trend, rebounding from the level of "20", which can be called the formal boundary of the oversold area.

Resistance levels: 0.6250, 0.6288, 0.6350, 0.6400. | Support levels: 0.6200, 0.6155, 0.6100, 0.6050.


Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392


Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using solidecn.com you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024 SolidECN.com