The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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As of the time of writing this article on Tuesday, the NZD/USD exchange rate approached the round level of 0.5800. Despite the pair's rise, the New Zealand dollar remains under pressure due to the strong US dollar, which is supported by demand for safe-haven assets amid geopolitical instability.
Markets remain focused on developments in the Middle East. The United States has halted its military actions against Iran after nearly two weeks of attacks, while President Donald Trump stated that negotiations with Tehran continue to progress and that a diplomatic resolution remains possible. However, optimism was shaken by reports of drone attacks on facilities in Saudi Arabia, Jordan, and Iraq. Trump also noted that US strikes could resume if negotiations fail, which reinforces the dollar's appeal as a safe-haven asset.
At the same time, investors are exercising caution, avoiding aggressive positions ahead of the Federal Reserve's meeting results, which will be announced on Wednesday. The US central bank is expected to keep interest rates unchanged, but market attention will be directed at statements regarding monetary policy and the press conference of Fed Chair Kevin Waller, anticipating new hints about future monetary policy actions.
Meanwhile, fresh labor market data continues to indicate a slowdown in the sector in the US. According to the ADP's NER Pulse report, private employers averaged 15,000 new jobs per week for the four-week period ending July 11, down from the previous figure of 16,500. Despite the ongoing contraction in hiring rates, the US dollar is showing a bullish trend, and the Dollar Index (DXY) remains close to its annual highs.
In New Zealand, increasing expectations that the Reserve Bank of New Zealand (RBNZ) may raise interest rates in September help to limit pressure on the New Zealand dollar relative to the US dollar.
From a technical perspective, bulls need to overcome the convergence of the 100- and 200-day SMAs for a positive continuation of the uptrend. However, the initial resistance remains at the round level of 0.5800. The pair has found support at the 20-day SMA near the level of 0.5757. Oscillators are positive, supporting the bulls.
The table below provides data on the percentage change of the New Zealand dollar against major currencies for Tuesday. The New Zealand dollar has stood out among other currencies, demonstrating the greatest strength relative to the Australian dollar.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
Uz InstaSpot-ove analitičke preglede uvek ćete biti u toku sa tržišnim trendovima! Klijentima InstaSpot-a su dostupni mnogobrojni besplatni servisi za uspešno trgovanje.
