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The NZD/USD has continued to display positive price momentum early today as it recovers from lows produced on Thursday of last week.
The current price of the NZD/USD is near the 0.62025 mark as of this writing. The ability to sustain prices above the 0.62000 level is certainly being monitored by traders who likely remain nervous regarding the direction of the NZD/USD. Values now being traded are sustaining price action displayed since late Tuesday, but come after a low of nearly 0.60500 was produced on last Thursday.
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After the U.S GDP numbers were published on the 29th of June, the stronger-than-anticipated growth numbers and stubborn inflation reading generated a strong move lower. While the NZD/USD has reversed higher since Thursday’s depths, price action has also taken place on a rather muted volume within Forex. The U.S. was on a long holiday weekend in many respects, because Independence Day fell on Tuesday which meant many U.S. financial institutions were barely functioning on Monday of this week and not at all on the 4th of July.
However, the current highs of the NZD/USD are an intriguing sign, particularly after yesterday’s FOMC Meeting Minutes were published and showed several Federal Reserve members remain hawkish regarding their interest rate outlooks. Traders who are participating in the NZD/USD today should monitor the 0.62000 level carefully to see if this mark can sustain the values above.
On late Tuesday the NZD/USD did climb above the 0.62100 ratio briefly. Traders should not get overly ambitious today and be suspicious of stronger price velocity potentially developing as full Forex volumes are produced. The U.S. will produce critical economic data later today and tomorrow and this is another reason why caution is strongly advised in the coming day and a half of trading. From the 14th until the 22nd of June the NZD/USD did trade above the 0.62000 level with some confidence, but its results then were often mixed with solid reversals lower.
- Services PMI data will come via ISM in the U.S. today and if the number is stronger than anticipated this could certainly spook the Federal Reserve.
- Last week’s better-than-anticipated GDP results in the U.S. showed American consumers remain active, and if the Services Purchasing Managers Index reading is better today, this could give another round of ammunition for the Fed to raise interest rates on the 26th of July.
- Tomorrow the Non-Farm Employment Change numbers will be published, along with the Average Hourly Earnings figures from the U.S and these reports will stir the NZD/USD too.
Current Resistance: 0.62100
Current Support: 0.61980
High Target: 0.62225
Low Target: 0.61690
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