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The NZDUSD Updated November Lows

1/4/2023 10:55 AM

The New Zealand dollar shows moderate growth during the Asian session, correcting after a noticeable decline the day before, as a result of which the NZD/USD pair updated local lows from November 30. At the moment, the instrument is testing the level of 0.6260 for a breakout, and activity in the market is slowing down a little ahead of the publication of the minutes of the December meeting of the US Federal Reserve and the final report on the national labor market, which will be presented at the end of the week.

In turn, the New Zealand dollar was under pressure after the publication of weak macroeconomic statistics the day before. The Dairy Price Index fell 2.8% in December after falling 3.8% in the previous month, although analysts had expected a positive trend of 0.6%. Investors were also disappointed by data from China, where the index of business activity in the manufacturing sector from Caixin in December showed a decline from 49.4 points to 49.0 points, which, however, was better than preliminary estimates of 48.8 points. The Chinese economy continues to generate some rather troubling signals, in part due to new spikes in COVID-19 cases after a series of restrictive measures were lifted. It is possible that its recovery may take a little longer than originally predicted.

On the daily chart, Bollinger Bands are moderately declining. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD is falling, maintaining a relatively strong sell signal and being below the signal line, close to the zero level. Stochastic signals in favor of further development of "bearish" dynamics in the near future.

Resistance levels: 0.6288, 0.6350, 0.6400, 0.6450. | Support levels: 0.6250, 0.6200, 0.6155, 0.6100.

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