NZD recouped early losses after the Chinese economy grew faster than expected in 3Q. Find out what this means for NZD/USD, AUD/NZD, GBP/NZD, and EUR/NZD!
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.after the Chinese economy grew faster than expected. Industrial output and retail sales also beat expectations, keeping alive hopes thatmoderated more than expected in the third quarter, reducing the need for further imminent tightening.
On technical charts, NZD/USD’s hold in recent weeks above the September low of 0.5850 is an encouraging sign for bulls. However, NZD/USD needs to cross above the immediate hurdle at 0.6000-0.6050, including the early-September high and the early-October high, for immediate downside risks to fade. Such a break could pave the way toward the 200-day moving average . On the downside, a crack under 0.5850 could open the door toward the November 2022 low of 0.5750.
Discover the power of crowd mentality. Download our free sentiment guide to decipher how shifts in NZD/USD's positioning can act as key indicators for upcoming price movements./NZD has rebounded from quite a strong cushion on the 200-day moving average. However, the upside could be capped as it nears a vital ceiling on the 89-day moving average, coinciding with the upper edge of the Ichimoku cloud on the daily charts.
The failure to hold losses after last month’s break below key support at the July low of 1.0720 confirms that/NZD remains largely directionless. The broader range established is 1.05-1.11. A break above 1.11 or a break below 1.05 is needed for AUD/NZD to start trending again./NZD’s rebound could soon run out of steam as it nears stiff resistance on the 89-day moving average, slightly under another significant hurdle on the Ichimoku cloud on the daily charts.
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