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The S&P Composite 1500 residential construction sub-index hit a more than three-week high, with a recent gain of 3.7%.Nike (NKE.N) fell after the U.S. Supreme Court will not rule on the tariff case today.On January 9th, Kaidi Co., Ltd. announced that its stock price had deviated by more than 20% cumulatively over the past three trading days, constituting an abnormal stock trading fluctuation. After verification, the companys production and operations are currently normal, and there have been no significant changes in the internal or external operating environment. The companys robot-related business has been initiated, but the products are still in the development stage and will not generate revenue in the short term; therefore, it is not expected to have a significant impact on the companys performance. Furthermore, while the companys operating revenue increased by 3.67% year-on-year in the first nine months of 2025, its net profit attributable to shareholders decreased by 59.64% year-on-year, indicating significant pressure on its full-year performance.Intel (INTC.O) shares rose as much as 9%, hitting their highest level since April 2024.U.S. stocks edged higher on Friday, January 9th, as the December nonfarm payrolls report did not change expectations that the Federal Reserve would keep interest rates unchanged. Meanwhile, traders are closely watching the Supreme Courts potential ruling on the legality of Trumps tariffs. State Street Macro Multi-Asset Strategist Cayla Seder said, "Todays labor data suggests the labor market is more balanced than weak. This figure is strong enough to show the economy is in a decent state, but not strong enough to require a significant shift in market expectations for monetary policy, which is positive for stocks." Regarding the tariff ruling, the U.S. Supreme Court is about to rule on the legality of President Trumps comprehensive tariff policy introduced in April, which is one of the next major tests for U.S. stocks and bonds, a policy that once shook the market. If the ruling finds the tariffs unconstitutional, stocks could be boosted as profit margins are expected to improve and the burden on consumers will be reduced. At the same time, Treasuries may come under pressure, as such a potential stimulus policy would complicate the Feds rate-cutting path and risk exacerbating the governments budget deficit.

Price Analysis: NZD/USD Symmetrical Triangle Indicates Decreasing Volatility, US NFP Awaited

Daniel Rogers

Feb 03, 2023 15:27

NZD:USD.png 

 

The NZD/USD pair is drifting sideways below the immediate resistance level of 0.6480 during the Asian session. The New Zealand dollar has traded sideways as investors await the publication of Caixin Services PMI and United States Nonfarm Payrolls (NFP) statistics for fresh impetus.

 

Weak earnings have broken the three-day winning streak of S&P500 futures, which are now displaying significant losses and a risk aversion trend. After a corrective dip, the US Dollar Index (DXY) is aiming to recapture Thursday's high above 101.55 as investors' risk appetite has reduced dramatically.

 

The NZD/USD pair is displaying a chart pattern known as a Symmetrical Triangle, which indicates a significant compression of volatility. The upward-sloping trendline of the chart pattern is taken from the low on January 19 at 0.6365, while the downward-sloping trendline is derived from the high on January 18 at 0.6531. The New Zealand asset saw a dramatic loss on Thursday after failing to find buying support following a breakout, which resulted in a fakeout that kept investors at unsustainable levels.

 

The Relative Strength Index (14) has moved from the bullish region of 60.00-80.00 to the neutral region of 40.00-60.00, indicating that a consolidation is imminent.

 

A decline below the January 31 low of 0.6412 will cause the New Zealand dollar to decline toward the January 17 low of 0.6366 and ultimately the January 12 low of 0.6300.

 

In contrast, for the asset to resume its upward trend, it must surpass Thursday's high of 0.6538, which would catapult it to June 3's high of 0.6576. A breach of this level will expose the asset to the 0.6600 level of resistance.