- Kiwi slowly leaking back gains from positive data during a quiet Asia session.
- Recent risk aversion sparked temporary Dollar popularity, Greenback selling set to continue.
NZD/USD trading doftly down in Asia, near 0.7330 after a good jump minutes before the NY close on a jobs data beat. The Kiwi has appreciated against the US Dollar the past two months as market confidence evaporated for the Greenback, but the recent bout of risk aversion seen in markets has sent the Dollar back up the charts, albeit briefly.
New Zealand’s RBNZ will be publishing their interest rate decision and monetary policy statement today at 20:00, and while the bank is widely expected to stand pat on interest rates for the time being, an overly hawkish tone from the RBNZ could send the Kiwi back up the charts.
It hasn’t been a smooth ride for the NZD/USD pair lately, with volatility punishing technical traders. Intraday support/resistance priced in at 0.7324 and 0.7345 respectively, while Daily charts are still stubbornly bullish, with price still trading well above the 34 EMA and 200-day SMA despite the recent pullback.
Today’s pivot points: