The NZD/USD pair trades close to a nine-day low slightly below the round-level resistance of 0.5900 in Wednesday’s European session.
NZD/USD recovers intraday losses but uncertainty remains with eyes on Fed ’s policy announcement. The Fed may emphasize maintaining interest rates higher for a longer period. NZ Q1 wage growth rose expectedly while labor demand weakens. The Kiwi asset recovers early losses in the aftermath of New Zealand Q1 Employment data. The NZ labor market data showed that quarterly and annual Labor Cost Index grew in line with the consensus of 0.8% and 3.8%, respectively.
This a bearish pattern in which each pullback move is considered as a selling opportunity by the market participants. The near-term appeal is bearish as the asset is trading below the 20-period Exponential Moving Average , which trades around 0.5924. The 14-period Relative Strength Index oscillates in the bearish range of 20.00-40.00, suggesting that momentum has leaned towards bears. Fresh downside would appear if the asset breaks below April 16 low at 0.5860.
RBNZ Fed Employment Supportresistance
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NZD/USD Price Analysis: Bearish forces persist, bulls challenged the 20-day SMAThe NZD/USD rose to 0.5937 on Wednesday’s session, presenting subtle gains.
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NZD/USD Price Analysis: Could break into the symmetrical triangle, rises to near 0.5950NZD/USD advances for the third consecutive session on Wednesday, trading around 0.5940 during the European session.
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