NZD/USD hovers around 0.6360s in choppy trading, eyeing US CPI

The NZD/USD pair has been printing a series of dojis, implying that neither buyers nor sellers are in control. The market is currently trading at 0.6374 above its opening price after hitting a daily high of 0.6388 as investors brace for the release of the US Consumer Price Index (CPI) data on Thursday this week.

Wall Street is set to finish off with solid gains between 0.56% and 1.24%, which suggests that investors have some confidence in the upcoming CPI report despite estimates pointing towards a drop from 7% to 6%.5%. Excluding volatile item inflation, the core CPI is expected to rise by 0.3%, while annual-based core inflation will likely remain unchanged at 

It remains uncertain whether or not these predictions will be met when actual figures are released later this week, but it appears that traders and investors alike are content with waiting until then before taking any decisive action on their positions within the NZD/USD pair due to the lack of clear direction from either buyers or sellers right now.

The World Bank recently revised its global growth forecasts for 2023, and the news has had a major effect on foreign exchange markets. The New Zealand Dollar (NZD) is no exception to this trend, as it remains linked to China’s economy. With China reopening after months of lockdown restrictions due to the pandemic, commodities have experienced an uptick in value that could trigger another leg up if conditions remain favorable.

However, according to ANZ Bank analysts, there are some headwinds that could help curb commodity inflation over the second half of 2023—namely, tighter global monetary policy from central banks around the world. This outlook has been reflected in recent movements with regards to the US Dollar Index, which continues to weaken by 0.05%, though it still hovers near 103 levels at present time.

In light of these developments, traders will likely wait for further economic data releases before making any definitive decisions about NZD/USD pairings going forward. On Wednesday, we’ll get building permit figures from New Zealand, so investors should pay close attention as they may provide valuable insights into future trends with this currency pairing.

NZD/USD Key Technical Levels

OVERVIEW
Today last price0.637
Today Daily Change-0.0001
Today Daily Change %-0.02
Today daily open0.6371
TRENDS
Daily SMA200.6324
Daily SMA500.6235
Daily SMA1000.6043
Daily SMA2000.6219
LEVELS
Previous Daily High0.6391
Previous Daily Low0.6342
Previous Weekly High0.6363
Previous Weekly Low0.619
Previous Monthly High0.6514
Previous Monthly Low0.623
Daily Fibonacci 38.2%0.6361
Daily Fibonacci 61.8%0.6372
Daily Pivot Point S10.6345
Daily Pivot Point S20.6319
Daily Pivot Point S30.6296
Daily Pivot Point R10.6394
Daily Pivot Point R20.6417
Daily Pivot Point R30.6443
NZD/USD Key Technical Levels