Forex Market: NZD/USD trading outlook for August 8th

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: October 30, 2024

Friday’s trade (in GMT terms) saw NZD/USD within the range of 0.7122-0.7221. The pair closed at 0.7143, shedding 0.42% compared to Thursdays close. It has been the 16th drop in the past 31 trading days. The daily low has been the lowest level since July 29th, when a low of 0.7071 was registered. In weekly terms, NZD/USD lost 0.93% of its value during the current week. It has been the 16th drop in the past 31 weeks. The major pair has gone down 0.93% so far during the current month, following a 1.04% advance in July.

No relevant macroeconomic reports and other events, which may influence NZD/USD trading, are scheduled on Monday (August 8th).

Correlation with other Majors

Taking into account the business week ended on August 5th and the daily closing levels of the currency pairs involved, we come to the following conclusions in regard to the strength of relationship:

NZD/USD to EUR/USD (0.9208, or very strong)
NZD/USD to GBP/USD (0.6588, or strong)
NZD/USD to AUD/USD (0.0602, or very weak)
NZD/USD to USD/CAD (-0.0943, or very weak)
NZD/USD to USD/JPY (-0.5371, or strong)
NZD/USD to USD/CHF (-0.8636, or very strong)

1. During the examined period NZD/USD moved strongly in one and the same direction with GBP/USD, while moving strongly in the opposite direction compared to USD/JPY.

2. NZD/USD moved almost equally in one and the same direction with EUR/USD during the week, while moving almost equally in the opposite direction compared to USD/CHF.

3. NZD/USD moved almost independently compared to AUD/USD and USD/CAD during the period in question.