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TODAY NZDUSD SIGNAL : NZDUSD remains depressed below mid-0.5800s, near its lowest level since March 2020

TODAY NZDUSD SIGNAL

TODAY NZDUSD SIGNAL : NZDUSD remains depressed below mid-0.5800s, near its lowest level since March 2020

  • ZD/USD edges lower on Friday and is pressured by a combination of factors.
  • Bullish USD and the prevalent risk-off mood weigh on the risk-sensitive kiwi.
  • Slightly overbought conditions turn out to be the only factor lending support.

TODAY NZDUSD SIGNAL : The NZD/USD pair struggles to capitalize on the overnight bounce from the 0.5800 mark, or its lowest level since March 2020 and meets with a fresh supply on Friday. The pair remains on the defensive through the early European session and is currently trading around the 0.5835 region.

Following the previous day’s intraday volatile swings, the US dollar regains some positive traction and remains pinned near a two-decade high. This turns out to be a key factor that continues to exert some pressure on the NZD/USD pair. The Fed on Wednesday struck a more hawkish stance and signalled that it will likely undertake more aggressive rate increases to cap inflation. This remains supportive of the ongoing move up in the US Treasury bond yields, which, in turn, is seen underpinning the greenback.

TODAY NZDUSD SIGNAL : Furthermore, the prevalent risk-off environment offers additional support to the safe-haven buck and contributes to driving flows away from the risk-sensitive kiwi. The market sentiment remains fragile amid worries that rapidly rising borrowing costs will lead to a deeper global economic downturn. Adding to this, China’s zero-covid policy and the risk of a further escalation in the Russia-Ukraine conflict have been fueling recession fears, tempering investors’ appetite for perceived riskier assets.

That said, slightly oversold technical indicators on the daily chart hold back bearish traders from placing aggressive bets around the NZD/USD pair. Nevertheless, the fundamental backdrop suggests that the path of least resistance for spot prices is to the downside and any attempted recovery move might still be seen as a selling opportunity. Market participants now look forward to the flash US PMI prints for some impetus ahead of Fed Chair Jerome Powell’s speech later during the US session.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

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Card transactions are processed via FT Global Services Ltd, Reg No. HE 335426 and registered address at Ioannis Stylianou, 6, Floor 2, Flat 202 2003, Nicosia, Cyprus, and via Exinity Services Ltd , Reg No. HE 400404 and registered address at Agiou Georgiou Makri, 64, Anna Maria Lena Court, Flat 201, 6037, Larnaca, Cyprus. Address for cardholder correspondence: backoffice@First Capitals.com.. Business location address: FIRST CAPITALS Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.

Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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