{"id":3248,"date":"2024-06-19T11:20:24","date_gmt":"2024-06-19T11:20:24","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=3248"},"modified":"2025-05-15T13:55:19","modified_gmt":"2025-05-15T13:55:19","slug":"nzdusd-a-turnaround-in-gdp-growth","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/nzdusd-a-turnaround-in-gdp-growth\/","title":{"rendered":"NZDUSD: A Turnaround in GDP Growth"},"content":{"rendered":"\n<p>New Zealand&#8217;s GDP, previously impacted by significant interest rate hikes resulting in a low of -0.3%, is showing signs of improvement. The consensus for tonight&#8217;s GDP release is around -0.1%, indicating a positive turnaround. This improvement is expected to continue as the Reserve Bank of New Zealand recently reduced interest rates due to achieving a low inflation rate of 3%. This monetary easing is anticipated to boost the NZD\/USD currency rate, reflecting increased investor confidence and economic activity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">NZD\/USD: Technical Analysis &#8211; 19th June 2024<\/h2>\n\n\n\n<p><img loading=\"lazy\" decoding=\"async\" width=\"2048\" height=\"1389\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXdESg2o1nakx39DoDk1ZSGvAU60NC6Y_ofw8MM1UdyYqtcN1pNQVxf3TgnoV4aiwnLA5GzB7jAwMf0FXuvWLNbwIoowsSpfhQuBK6RJeSnCrSNivP3wMO2cZcE9mUzS6le7RPBVKXbOKJ4occDtXcjlqTed?key=lI-YXuQeCmBFEd-bqGVcGQ\"><\/p>\n\n\n\n<p>Considering the recent improvement in New Zealand&#8217;s GDP forecast and the anticipated reduction in interest rates due to low inflation, the NZD\/USD pair has been responding positively. This positive shift is evident in the currency pair&#8217;s upward movement, indicating market confidence in New Zealand&#8217;s economic recovery.<\/p>\n\n\n\n<p>The NZD\/USD has been exhibiting an impulsive trend to the upside. Currently, the pair is potentially in wave ((iv)), which should ideally retrace no lower than the 38.2% Fibonacci level, positioned at 0.608. The maximum allowable retracement for this corrective wave should not go below 0.59848, which marks the extreme of wave ((i)) within this degree of trend.<\/p>\n\n\n\n<p>If the NZD\/USD respects these support levels, we can anticipate the completion of the impulse wave by finishing wave ((v)). This would complete wave 1 on the next higher degree of trend, suggesting continued bullish momentum as the pair progresses through its Elliott Wave cycle.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The NZD\/USD pair shows positive momentum due to New Zealand&#8217;s improved economic outlook.<\/p>\n","protected":false},"author":162,"featured_media":3249,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-3248","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NZDUSD: A Turnaround in GDP Growth - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"NZD\/USD reacts to changing GDP growth forecasts. 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