Intelligent Data Generation
NZD/USD Reaches Peak Levels Not Seen Since March, Market Anticipates Catalysts
Date:
On Monday, the NZD/USD exchange rate saw an increase as US traders took a break in observance of Memorial Day.
In the context of the United States, the Federal Reserve's upcoming Beige Book Report may influence the direction of the NZD/USD currency pair on Wednesday. Additionally, the core Personal Consumption Expenditure (PCE) data for April, anticipated to stay consistent at 2.8% year-over-year, will be closely watched on Friday. On Thursday, the revised figures for the first quarter Gross Domestic Product (GDP) will be published, which could also impact the markets.
Furthermore, various Federal Reserve officials scheduled to speak throughout the week might offer detailed perspectives on the present Federal Reserve position before the media silence period begins. Present market probabilities suggest about a 50% likelihood of a rate cut in September and an 80% probability of a rate reduction in November. The chances for rate cuts in June and July are relatively low.
Regarding New Zealand, investors are eagerly anticipating the release of the May ANZ business survey this Tuesday to gain insights into issues such as domestic inflation and business performance.
NZD/USD Technical Review
In the daily review, the Relative Strength Index (RSI) is displaying an upward trend with recent readings falling between 60 and 70, signaling considerable buying interest. The indicator's slope has increased from previous sessions, indicating growing bullish momentum. This positive movement in the RSI aligns with the appearance of rising green bars on the Moving Average Convergence Divergence (MACD), suggesting the upward trend is likely to persist.
Daily chart of NZD/USD
Furthermore, the NZD/USD currency pair is experiencing significant upward momentum, currently positioned above the 20, 100, and 200-day Simple Moving Averages (SMAs). This indicates that the buyers have gained control, establishing a positive market sentiment for both the near and distant future.
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