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NZD: NZD/USD Trades Sideways, Holds Just Above 20-day EMA

NZD
USNew ZealandNorth AmericaBulletAPACForeign Exchange BulletsMarkets
  • The NZD/USD closed little changed on Wednesday, holding at 0.5660 just above the 20-day EMA. G10 currencies were relatively stable overnight as the market awaited the FOMC decision, and any comments from Powell, however traders were left limbo with Powell offering little in the way of direction for future US interest rates.
  • Looking at technical levels, initial resistance is 0.5718 (50-day EMA) a break here would open a move to 0.5782 (Dec 16 highs) while we trade just above initial support at 0.5656 (20-day EMA) a break back below here would open a move to 0.5600. The MACD indicator is starting to print decreasing green bars, while the RSI indicator is coming off recent highs and is back below 50.
  • New Zealand posted a goods trade surplus of NZ$219M in December, reversing a NZ$435M deficit in the previous month. Exports surged 17% YoY to NZ$6.84B, driven by strong demand for dairy and meat products, while imports rose 6.5% to NZ$6.62B, led by machinery and aircraft parts.
  • RBNZ dated OIS is pricing in a 96% chance of a 50bps cut next month, with another 25bps cut priced April/May. There is a cumulative 118bps of cuts priced through to the end of 2025.
  • Shortly we have ANZ Activity Outlook & Business Confidence
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  • The NZD/USD closed little changed on Wednesday, holding at 0.5660 just above the 20-day EMA. G10 currencies were relatively stable overnight as the market awaited the FOMC decision, and any comments from Powell, however traders were left limbo with Powell offering little in the way of direction for future US interest rates.
  • Looking at technical levels, initial resistance is 0.5718 (50-day EMA) a break here would open a move to 0.5782 (Dec 16 highs) while we trade just above initial support at 0.5656 (20-day EMA) a break back below here would open a move to 0.5600. The MACD indicator is starting to print decreasing green bars, while the RSI indicator is coming off recent highs and is back below 50.
  • New Zealand posted a goods trade surplus of NZ$219M in December, reversing a NZ$435M deficit in the previous month. Exports surged 17% YoY to NZ$6.84B, driven by strong demand for dairy and meat products, while imports rose 6.5% to NZ$6.62B, led by machinery and aircraft parts.
  • RBNZ dated OIS is pricing in a 96% chance of a 50bps cut next month, with another 25bps cut priced April/May. There is a cumulative 118bps of cuts priced through to the end of 2025.
  • Shortly we have ANZ Activity Outlook & Business Confidence