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22 Dec 2023

NZD/USD Price Analysis: Faces pressure near 0.6300 ahead of US Inflation test

  • NZD/USD finds sell-off near 0.6300 as focus shifts to US core PCE price index data.
  • A sticky US core PCE report could offer some support to the US Dollar.
  • The Kiwi pair trades in an upward-sloping chart pattern.

The NZD/USD pair faces selling pressure near the round-level resistance of 0.6300 in the early London session. The Kiwi asset is expected to remain lackluster ahead of the United States core Personal Consumption Expenditure price index (PCE) data for November, which will be published at 13:30 GMT.

Investors see mild softness in the underlying inflation data as interest rates by the Federal Reserve (Fed) have been in the restrictive trajectory. According to the estimates, monthly core PCE data grew at a steady pace of 0.2%. The annual core PCE data is expected to decelerate to 3.3% vs. the former reading of 3.5%.

The US Dollar Index (DXY) falls back to its crucial support of 101.80, weighed down by deepening rate cut expectations by the Federal Reserve (Fed).

Meanwhile, the New Zealand Dollar would continue to perform better against the US Dollar as the Reserve Bank of New Zealand (RBNZ) is expected to keep interest rates high for a longer period.

NZD/USD trades in a Rising Channel chart pattern on a two-hour scale in which each pullback is considered as a buying opportunity by the market participants. Upward-sloping 20-period Exponential Moving Average (EMA) at 0.6256 will continue to provide support to the New Zealand Dollar bulls.

A bullish momentum would emerge if the Relative Strength Index (RSI) (14) manages to shift into the bullish range of 60.00-80.00 confidently.

The NZD/USD pair may witness a fresh rally after a decisive break above Wednesday’s high around 0.6300. An occurrence of the same would allow it to refresh its five-month high near 0.6350. Further upside would expose it towards July 14 high around 0.6400.

On the contrary, a breakdown below December 14 low near 0.6168 would drag the asset towards November 30 low near 0.6121, followed by December 13 low near 0.6084.

NZD/USD two-hour chart

 

Dec 22, 2023

GBP/USD Price Analysis: The immediate upside barrier is seen at 1.2740

The GBP/USD pair struggles to gain ground during the early European session on Friday.
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Dec 22, 2023

US Core PCE Inflation Preview: Federal Reserve preferred price gauge looks set for another decline in November

The Core Personal Consumption Expenditures (PCE) Price Index, the US Federal Reserve’s (Fed) preferred inflation measure, will be published on Friday by the US Bureau of Economic Analysis (BEA) at 13:30 GMT.
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