The NZD/USD has seen a slight increase in its value recently after hitting a low point on Friday. However, this upward movement may face challenges in the short term.
Currently, the NZD/USD is near the 0.59455 ratio. The currency pair has shown some positive momentum since reaching a low near 0.58535 on Friday, but it’s important to note that this increase occurred during a time of geopolitical concerns in the Forex market.
Before the recent rise, the NZD/USD was trading around the 0.58960 mark. It’s worth mentioning that Thursday is ANZAC Day in New Zealand, which means banks will be closed and many people will be on a long weekend holiday. This could lead to lower trading volume in the NZD/USD and potentially create unpredictable spikes.
The current price level of the NZD/USD is similar to what was seen on April 15th. The currency pair experienced a drop earlier last week due to comments from U.S Federal Reserve Chairman Jerome Powell and sticky CPI data from New Zealand. However, the NZD/USD managed to bounce back above the 0.59000 level in the past two days, indicating potential support levels below this mark.
Looking ahead, the U.S will release important growth and inflation data on Thursday and Friday. We should keep an eye on how these numbers impact the NZD/USD’s bullish outlook going into the end of the week.
It’s important to be cautious due to lower trading volumes during the ANZAC holiday. Resistance levels near 0.59500 should be monitored closely, as sustained trading above this level could attract interest from both bearish and bullish traders in the NZD/USD.
In terms of short-term outlook, the current resistance is at 0.59510 and support at 0.59405. The high target is 0.59565, while the low target is 0.59150. Traders should be prepared for potential volatility in the NZD/USD in the coming days.