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28 Dec 2023

NZD/USD Price Analysis: Corrects from 0.6370 as US yields recover

  • NZD/USD falls sharply to near 0.6330 as US Treasury yields attempted recovery.
  • The USD Index has printed a fresh five-month low near 100.60.
  • NZD/USD aims for stabilization after a Falling channel breakout.

The NZD/USD pair has fallen to near 0.6330 amid a surprise recovery in the US Treasury yields. The 10-year US Treasury yields have rebounded to near 3.82%. The broader appeal for the Kiwi asset remains upbeat as investors lean towards expectations of early rate cuts by the Federal Reserve (Fed).

S&P500 futures have added some gains in the London session, portraying an improvement in the risk-appetite of the market participants. The US Dollar Index has refreshed five-month low near 100.60 as slowing price pressures in the United States economy may allow Fed policymakers to discuss about unwinding interest rates earlier than previously anticipated.

The New Zealand Dollar will be in action after the release of the Caixin Manufacturing PMI data for December, which will release on Tuesday. The economic data is expected to remain above the 50.0 threshold. Being a proxy to Chinese economy, the New Zealand Dollar will be benefitted by upbeat factory data.

NZD/USD has been sustaining at higher levels after a breakout of the Falling Channel chart pattern formed on a daily scale. Upward-sloping 20-period Exponential Moving Average (EMA) at 0.6230 continues to provide support to the New Zealand Dollar bulls.

The Relative Strength Index (RSI) (14) oscillates in the bullish range of 60.00-80.00, which indicates that upside momentum is intact.

Gradual correction towards the round-level support of 0.6300 would emerge as a buying opportunity for the market participants, which will drive asset towards intraday high at 0.6370, followed by December 26 high near 0.6410.

On the flip side, a downside move below December 25 low at 0.6246 would expose the asset to November 29 high at 0.6208 and December 14 low at 0.6168.

NZD/USD daily chart

 

 

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The Euro maintains its bullish tone against the British Pound on Thursday, with the pair bouncing strongly at 0.8670 to test one-month highs at 0.8700.
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