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19 Jan 2024

NZD/USD recovery remains capped below 0.6135, with US Consumer Sentiment on tap

 

  • The New Zealand Dollar has found support at 0.6690 although upside attempts remain capped below 0.6135.
  • New Zealand's Business PMI and Visitor arrivals have failed to support the Kiwi.
  • The brighter market sentiment is weighing the US Dollar.


The New Zealand Dollar’s bearish momentum has lost stream although price action is struggling to find acceptance above the 0.6125/35 resistance area so far.

The improved market sentiment is providing some support to the Kiwi on Friday. Most European markets are going through moderate advances and Wall Street futures are pointing to a positive opening, which is weighing on the Safe-haven USD.

New Zealand data released earlier today revealed that business activity deteriorated further in December, while visitor arrivals experienced a significant decline compared to the same time last year. This was bad news for the Kiwi.

In the US Calendar, the highlight of the day will be the Michigan Consumer Sentiment Index, which is expected to have improved moderately. After that, San Francisco Fed President, Mary Daly will close the week.

NZD/USD Technical Analysis

The technical picture remains bearish although the doji candles on the Daily chart and the strong support area above 0.6070 suggest the possibility of an upside correction.

Immediate resistance is at 0.6135 and above here, 0.6180. Sup[ports are at the mentioned 0.6070/90 and 0.6000.

Technical Levels to Watch

 

 

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