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NZDUSD Marked Update

3/31/2023 11:51 AM

The NZD/USD pair shows poor dynamics near 0.6283 as the latest macroeconomic data from New Zealand point to a slowdown in economic growth.

Thus, the number of building permits issued fell by 9.0% in February compared to a 5.2% decline in January, and the figure amounted to 2,972K YoY, which is 29.0% lower than in the same period a year earlier. The business confidence index from the Australian and New Zealand banking group ANZ remained at –43.4 points in March against an improvement to –40.0 points expected by analysts.

The US dollar is correcting, trading at 101.700 in the USD Index. The reaction to yesterday's release of Q4 gross domestic product (GDP) data was expectedly negative, as the US economy corrected to 2.6% QoQ from 3.2%, although analysts had expected a milder slowdown to 2.7 %. The number of initial applications for unemployment benefits increased to 198.0K from 191.0K a week earlier, as a result of which the total number of claims rose to 1.689M people from 1.685M people.

The trading instrument is being corrected, forming a local Head and shoulders reversal pattern.

Technical indicators reversed upwards and began working out the formation: fast EMAs on the Alligator indicator crossed the signal line upwards, and the AO histogram forms rising bars in the buying zone.

Resistance levels: 0.6310, 0.6450. | Support levels: 0.6240, 0.6100.

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