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NZDUSD Market Update

3/3/2023 12:11 PM

The NZD/USD pair is trading around 0.6223.

New Zealand's economy remains volatile, as evidenced by macroeconomic statistics, with building permits down 1.5% in January, better than last month's 7.1% decline but still signaling weakness in the real estate sector. Export prices in the fourth quarter of 2022 lost 0.6% after correcting 3.1% earlier, while exports for the period decreased by 6.3% after a previous increase of 5.5%. The average value of imports showed a negative trend of -2.1% compared to an increase of 7.1% earlier. Overall, the trade index remains in positive territory, rising by 1.8% after falling 3.9% in the third quarter but this is not enough to sustain economic growth.

Yesterday, the US dollar reached 104.800 in the USD Index against the positive report on initial jobless claims, the number of which fell to 190.0K from 192.0K earlier, although analysts expected growth to 195.0K. Today, investors are focused on the block of macroeconomic statistics from the US on business activity in the services sector from the Institute of Supply Management (ISM): according to analysts' expectations, the indicator will drop from 55.2 points to 54.5 points.

The trading instrument is falling within the possible formation of a Triangle pattern with a support line near 0.6100.

Technical indicators maintain a sell signal: fast EMAs on the Alligator indicator are below the signal line, and the AO histogram forms corrective bars in the sell zone.

Resistance levels: 0.6300, 0.6470. | Support levels: 0.6150, 0.5960.

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