The NZDUSD pair is expected to experience some volatility in the upcoming month of August 2024. Traders are advised to keep a close eye on the market as various factors may influence the exchange rate.
The New Zealand Dollar (NZD) has been under pressure due to concerns surrounding the country’s economic growth and inflation. Meanwhile, the US Dollar (USD) has been gaining strength as the Federal Reserve continues to signal a hawkish stance on monetary policy.
Technical analysis shows that the NZDUSD pair is currently trading within a range, with key support at 0.6800 and resistance at 0.7000. Traders should watch for any breakouts above or below these levels, as it could signal a potential trend reversal.
Fundamentally, traders should keep an eye on economic data releases from both New Zealand and the United States, as well as any developments in global trade and geopolitical tensions. Any unexpected events could impact the NZDUSD pair significantly.
Overall, the NZDUSD pair is likely to remain volatile in August 2024, and traders should exercise caution and stay informed of market developments to make informed trading decisions.