NZD/USD: Takeaways into Thursday
NZDUSD – Technical Overview
The overall pressure remains on the downside, with the market stalling on attempts to move up into the 0.6500 area. However, there are indications that the market may be attempting to establish a longer-term base. To alleviate medium-term downward pressure and support this prospect, a break back above 0.6500 is necessary. A monthly close below 0.5800 would intensify bearish price action.
NZDUSD – Fundamental Overview
The New Zealand Dollar has benefited from the risk-on sentiment following the latest soft CPI print from the US, which has renewed demand for risk-correlated assets. However, rallies have been hindered by more hawkish communications from the Fed. Key highlights on Thursday's calendar include German wholesale prices, Eurozone industrial production, US producer prices, US initial jobless claims, and some Fed speak.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
The overall pressure remains on the downside, with the market stalling on attempts to move up into the 0.6500 area. However, there are indications that the market may be attempting to establish a longer-term base. To alleviate medium-term downward pressure and support this prospect, a break back above 0.6500 is necessary. A monthly close below 0.5800 would intensify bearish price action.
- R2: 0.6222 – 12 June high – Strong
- R1: 0.6200 – Figure – Medium
- S1: 0.6083 – 22 May low – Medium
- S2: 0.6031 – 15 May low – Strong
NZDUSD – Fundamental Overview
The New Zealand Dollar has benefited from the risk-on sentiment following the latest soft CPI print from the US, which has renewed demand for risk-correlated assets. However, rallies have been hindered by more hawkish communications from the Fed. Key highlights on Thursday's calendar include German wholesale prices, Eurozone industrial production, US producer prices, US initial jobless claims, and some Fed speak.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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