The New Zealand Dollar weakened after local inflation data cooled hawkish RBNZ policy expectations. Even so, NZD/USD remains above key support with a neutral near-term technical bias.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.The New Zealand Dollar cautiously weakened in the aftermath of local inflation data. During the third quarter, New Zealand’s Consumer Price Index grew by 5.6% compared to a year ago.
The data resulted in a softer-than-expected inflation report, which has key implications for the Reserve Bank of New Zealand . The RBNZ setsAs a result, the data has cooled expectations of further tightening, perhaps also opening the door to a shorter period for restrictive rates. This in turn might cool demand for the New Zealand Dollar, hence NZD/’s drop after the CPI report.
On the daily chart below, NZD/USD can be seen idling just above the 0.5859 – 0.5886 support zone. This range has been holding up since August, resulting in indecisive price action. Meanwhile, resistance is a combination of 0.6055 and the 100-day moving average. Until prices break above/below these highlights, the technical outlook seems to favor neutral.
Breaking lower exposes the 78.6% Fibonacci retracement level of 0.5732. Otherwise, turning higher and clearing resistance exposes the 38.2% level of 0.6146.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. Any and all information provided by FXP is not intended for use by U.S. residents or individuals domiciled in the U.S.
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