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The NZDUSD Develops Flat Dynamics in the Short Term

3/29/2023 9:56 AM

The NZD/USD pair shows a slight increase, testing 0.6260 for a breakout and developing the "bullish" momentum formed at the beginning of the week amid some improvement in investor sentiment regarding the prospects for a possible crisis in the US and European banking sector. The actions of financial regulators, as well as news about the purchase of part of the loan portfolio of the previously closed Silicon Valley Bank (SVB) by another American bank, First Citizens BancShares Inc., stabilized the situation. The outflow of capital from medium and small credit institutions also decreased markedly. However, the risks of a resumption of inflation are still quite high, given that the US Federal Reserve has not yet managed to return the consumer prices growth to the target level of 2.0%.

Macroeconomic statistics from New Zealand will be published on Thursday, March 30. Among other things, investors will pay attention to the dynamics of Building Permits in February: forecasts suggest a moderate increase in the index by 0.5% after a decline of 1.5% in January. The Reserve Bank of New Zealand (RBNZ) Business Confidence Index March data will also be released tomorrow, but analysts expect a sharp decline in the index from -43.3 points to -47.5 points, while the ANZ Activity Outlook suggests a decline from -9.2% to -12.5%.

Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is slightly changing, reflecting multidirectional dynamics of trading in the short term. MACD is growing preserving a weak buy signal (located above the signal line). The indicator is trying to consolidate above the zero level. Stochastic reversed upwards after a rather active decline last week. The current readings of the indicator signal in favor of the development of an uptrend in the near future.

Resistance levels: 0.6300, 0.6350, 0.6400, 0.6450. | Support levels: 0.6250, 0.6200, 0.6155, 0.6100.

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