Against the background of the stabilization of the US dollar, the NZD/USD pair is correcting, trading at 0.6125.
Although yesterday's report on consumer spending with credit cards showed an annual growth of 24.8%, which is lower than the previous month's figure (34.0%), investors found a positive driver in the statistics on foreign trade levels. According to Statistics New Zealand (Stats.nz), the country's exports in October increased by 758.0M New Zealand dollars, or 14.0%, to reach 6.1B New Zealand dollars, while imports rose by 1.6B New Zealand dollars, or 24 0%, amounting to 8.3B New Zealand dollars, and thus the trade deficit rose to –2.1B New Zealand dollars. Traditionally, the highest growth in the structure of imports was shown by fuel prices, which increased by 44.0%, and in the structure of exports, livestock products kept leadership, adding 34.0% in value.
The US dollar has slightly recovered, reaching 107.500 in the USD Index, after which there is again a drop in trading activity. This situation can continue all week, as there are no serious publications, and then there will be a day off on Thanksgiving Day. Tomorrow, the US Federal Reserve will release the minutes of a recent meeting in which investors will try to find hints of the regulator's actions at the upcoming last meeting of this year in December: according to forecasts, the agency may slow down the pace of interest rate hikes from 75.0 basis points to 50.0 basis points, which is perceived by the market as a sign of dollar weakness.
The trading instrument left the global downward channel on the daily chart, having confidently consolidated above 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: 0.6190, 0.6450. | Support levels: 0.6030, 0.5770.