#NZDUSD @ 0.61675 ‘s 0.6200 guards a move higher with 0.6270 and 0.6300 eyed thereafter.
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- NZD/USD’s 0.6200 guards a move higher with 0.6270 and 0.6300 eyed thereafter.
- Bears are lurking near 0.6200 as a key resistance area.
NZD/USD has tried to stabilise at the start of the week from a low of 0.6154 and has come up as high as 0.6168 so far in what could be the makings of a bullish correction for the opening balance.
On Friday, the US Dollar surged following the US inflation gauge that was stronger than expected. The core PCE deflator data as being the Federal Reserve’s preferred measure of inflation resulted in investors to price in a 5.4% peak in the fed funds rate. This has seen the greenback move into corrective territories as follows:
Should the greenback tail off, then the Kiwi would be expected to move higher. The following shows the prospects of a retracement into the prior support that could act as a resistance on a re-test:
0.6200 guards a move higher and should the bears commit here, then a downside extension is feasible for the week ahead. However, a move beyond 0.6200 opens risk of a test into 0.6270 and 0.6300 thereafter.
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