NZD/USD breaks minor trendline support at 0.6890, targets 0.6840
NZD/USD has broken minor trendline support at 0.6890 and is on track to test 0.6840 levels.
Technicals on 4H charts are biased lower. 4H cloud weighs on the upside and pair is capped below 10-DMA on the daily charts.
The pair remains subdued on the day, weighed by poor trade surplus data and thin liquidity ahead of FOMC.
RBNZ is the main risk event for the week. Economists are divided but leaning towards no change from the RBNZ on Thursday morning.
However, markets are pricing a 30% chance of an easing on Thursday, and a sharp move in NZD likely either way.
Good to sell rallies around 0.6885/90, SL: 0.6910, TP: 0.6850/0.6840
Technicals on 4H charts are biased lower. 4H cloud weighs on the upside and pair is capped below 10-DMA on the daily charts.
The pair remains subdued on the day, weighed by poor trade surplus data and thin liquidity ahead of FOMC.
RBNZ is the main risk event for the week. Economists are divided but leaning towards no change from the RBNZ on Thursday morning.
However, markets are pricing a 30% chance of an easing on Thursday, and a sharp move in NZD likely either way.
Good to sell rallies around 0.6885/90, SL: 0.6910, TP: 0.6850/0.6840