NZD/USD extends its upside above 0.6200, focus on New Zealand Trade Data

NZD/USD gains traction around 0.6224 amid the USD weakness.
New Zealand’s Business NZ PSI climbed to 51.2 in November from 48.9 in the previous reading.
Fed’s Goolsbee said on Sunday that it’s premature to declare victory over the inflation battle.
Market players will monitor New Zealand’s Trade Balance, and US housing data, due on Tuesday.

Lallalit Srijandorn FXStreet

The NZD/USD pair trades in positive territory for the sixth consecutive day during the early Asian session on Monday. The pair posts the highest level in months due to the US dollar weakness. NZD/USD currently trades near 0.6224, gaining 0.20% on the day.

The latest data from Business NZ on Monday showed that New Zealand’s Business NZ Performance of Services Index (PSI) grew into expansion territory, climbing to 51.2 in November from 48.9 in the previous reading. Additionally, the New Zealand Westpac-McDermott Miller Consumer Confidence Index in the fourth quarter (Q4) 2023 rose to 88.9, the highest in two years. This, in turn, boosts the New Zealand Dollar (NZD) and acts as a tailwind for the NZD/USD.

On the other hand, Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee said on Sunday that it’s premature to declare victory over the inflation battle, and the decisions on rate cuts will depend on economic data. Furthermore, Atlanta Fed President Raphael Bostic said the Fed can begin cutting the interest rate in the third quarter of 2024 if inflation falls as expected.

New Zealand will release Trade Data and the NZ Business Confidence survey on Tuesday. Also, the US housing data, including Building Permits and Housing Starts will be released on Tuesday. Traders will take cues from these data and find trading opportunities around the NZD/USD pair.

NZD/USD

Overview
Today last price	0.6216
Today Daily Change	0.0004
Today Daily Change %	0.06
Today daily open	0.6212

Trends
Daily SMA20	0.613
Daily SMA50	0.5997
Daily SMA100	0.598
Daily SMA200	0.6089

Levels
Previous Daily High	0.6233
Previous Daily Low	0.6178
Previous Weekly High	0.6287
Previous Weekly Low	0.6084
Previous Monthly High	0.6208
Previous Monthly Low	0.5788
Daily Fibonacci 38.2%	0.6212
Daily Fibonacci 61.8%	0.6199
Daily Pivot Point S1	0.6182
Daily Pivot Point S2	0.6153
Daily Pivot Point S3	0.6128
Daily Pivot Point R1	0.6237
Daily Pivot Point R2	0.6262
Daily Pivot Point R3	0.6292

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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