NZD/USD bears are waiting to move in to keep pressures on below 0.6300 NZDUSD Technical Analysis Currencies CPI RetailSales
At the time of writing, NZD/USD is trading at 0.6280 and is down some 0.8% on the day after falling from a high of 0.6337 to a low of 0.6252. The US Dollar, as measured in the DXY index, broke to the topside in the wake of strong US Retail Sales on the back of the prior day's. Both reports saw bond yields there ratchet up another notch which has played into the hands of risk-off assets and the greenback.
''But at the same time, unlike last year’s USD surge, this time we don’t have other central banks going slow – with the European Central Bank and Reserve Bank of New Zealand both on track to hike by 50bp at their next meetings,'' the analyst explained further. ''That, and valuations, may cap USD upside, but counting on that could be risky.''While below resistance, the odds are for a move into the low 0.62s following the break of structure.
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