The New Zealand Dollar vs. the US Dollar is currently trading at 0.6378, a gain from the previous rate of 0.63703, and this increase is due to positive US inflation data.

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• NZD/USD trading at 0.6378 extends gains vs. the USD, bolstered by recent US inflation data.

The pair currently trades last at 0.63703.

The previous day high was 0.6309 while the previous day low was 0.6182. The daily 38.2% Fib levels comes at 0.626, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6231, expected to provide support.

The New Zealand Dollar (NZD) extends its gains vs. the US Dollar (USD), spurred by recent inflation data in the United States (US) on the consumer side, registered a solid deceleration. Also, today’s economic docket prompted speculations the Federal Reserve (Fed) is about to end its tightening cycle. At the time of writing, the NZD/USD is trading at 0.6378.

A risk-on impulse favors risk-perceived Forex currencies like the Kiwi (NZD), contrarily to the safe-haven greenback. On Thursday, the US Bureau of Labor Statistics (BLS) delivered inflation and labor market data, crucial for the Fed, which Is expected to lift rates 25 bps at the July meeting. The US Producer Price Index (PPI) for

US Producer Price Index (PPI) for June rose by 0.1% MoM, exceeding May’s 0.4% plunge but was beneath estimates of 0.2%. Annually based, PPI expanded by 0.1%, below forecasts of 0.%. The so-called Core PPI, which strips out volatile items, rose by 0.1% MoM, unchanged from May, and accelerated below estimates of 0.2%. Yearly Core PPI cooled down compared to expectations of 2.6% and came at 2.4%. The data showed the also called factory inflation is slowing down, in tune with Wednesday’s CPI report, which witnessed a 1% drop in CPI towards the 3% threshold.

In other data, the BLS revealed Initial Jobless Claims for the week ended July 6, jumping 237K, below the estimates of 250K, portraying a tight labor market. The Fed’s Beige Book showed that demand for labor “remained healthy” in June, though it noted that hiring “was getting more targeted and selective.”

The NZD/USD reacted upwards to the data, hitting a daily high of 0.6394, before retracing some pips, to current spot prices.

Data on the New Zealand (NZ) front, even though it was weaker, with the manufacturing sector contracting in June to its lowest level since November 2022, it was ignored by investors. Even the latest monetary policy decision of the Reserve Bank of New Zealand (RBNZ) of keeping rates unchanged does little to cramp NZD/USD uptrend.

The NZD/USD daily chart portrays the pair as neutral-upwards, threatening to extend its gains past the February 14 swing high at 0.6389, which could put into play 0.6400 if cleared. Once the figure is reclaimed, the NZD/USD yearly high of 0.6538 would be at the brisk of being challenged. Nonetheless, traders must achieve a daily close above 0.6389 to cement the case for higher prices. Conversely, the NZD/USD first support would be the 0.6300 mark. Sellers would keep a close eye, as they would like to test the 200-day EMA at 0.6223, but firstly they must reclaim June 16 daily high turned support at 0.6248, as they eye the 0.6200 barrier.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6375 at the time of writing. Pair opened at 0.6296 and is trading with a change of 1.25 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6175, 50 SMA 0.6171, 100 SMA @ 0.6189 and 200 SMA @ 0.6182.

The previous day high was 0.6309 while the previous day low was 0.6182. The daily 38.2% Fib levels comes at 0.626, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6231, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6216, 0.6135, 0.6089
• Pivot resistance is noted at 0.6343, 0.639, 0.647

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