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The New Zealand Dollar Strengthens Positions

3/1/2023 10:41 AM

The NZD/USD pair shows a fairly active growth, testing 0.6210 for a breakout and developing a corrective impetus that formed at the beginning of the week, when the instrument was near its local lows of November 22.

Moderate support for quotes yesterday was provided by macroeconomic statistics. ANZ Activity Outlook in February was revised from -15.8% to -9.2% with a forecast of a further deterioration in dynamics to -20.7%, and ANZ Business Confidence rose from -52.0 points to -43.3 points. In turn, the National Bureau of Statistics (NBS) Manufacturing PMI in China in February rose from 50.1 points to 52.6 points, which turned out to be better than preliminary estimates of 50.5 points, and the Non-Manufacturing PMI rose from 54.4 points to 56.3 points, while analysts had expected a fall to 49.7 points, below the psychological level of 50.0 points.

Today, the focus of investors' attention is on statistics on the Manufacturing PMI from the Institute of Supply Management (ISM) in the USA, which is calculated based on a survey of purchasing and supply managers of leading national enterprises in all industries. Forecasts suggest a decline from 47.4 points to 45.1 points, and such a low estimate reflects weak prospects for changes in the current economic situation, according to business representatives.

Bollinger Bands on the daily chart show a steady decline. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD indicator is growing having formed a relatively stable buy signal (located above the signal line). Stochastic is showing similar dynamics being located in the middle of its area.

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

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