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NZDUSD Trades Within the Global Downward Channel

11/8/2022 1:03 PM

While the US dollar moves within the downtrend, the NZD/USD pair is actively growing, trading around 0.5920 in anticipation of the publication of strong macroeconomic statistics.

Tomorrow there will be data on sales using electronic cards. The dynamics of the change in the indicator have recently stabilized, rising by 1.4% in September. Analysts are expecting growth for the third month in a row, bringing the annual indicator to 28.6%, and according to preliminary forecasts, this growth could exceed 30.0% in October.

The economic performance of the United States has temporarily faded into the background, and American investors' attention is riveted on the midterm elections to Congress, which will take place today. The positions of the ruling Democratic Party are regarded as extremely weak, and the probability of their complete victory is only 16%. The fact that the Republicans will occupy all chambers is more than 50% and indicates a clear distrust of society in the policies of the incumbent president and his cabinet. Amid expectations of the results, the US dollar continues to decline, reaching 110.000 in the USD Index, which will remain until the announcement of the official voting results.

On the daily chart, the trading instrument is moving within the global downward channel, actively approaching the resistance line.

Technical indicators keep an increasing buy signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram forms upward bars in the buying zone.

Resistance levels: 0.5985, 0.6160. | Support levels: 0.5830, 0.5630.

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