The market currently has bulls supporting the NZDUSD pair at 0.63910, but there may be a diminishing opportunity ahead.
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- NZD/USD bulls are in the market but a fading opportunity could be on the cards.
The New Zealand dollar strengthened for the second straight session as the US dollar continues to slide. An eight-week high was made on fresh selling of the Greenback as further data pointed to disinflation in the US economy signaling the Federal Reserve will need to adopt a less hawkish stance this year. meanwhile, although New Zealand’s inflation rate slowed to 6.7% in the first quarter, it is still above the Reserve Bank of New Zealand’s target range of 1-3% over the medium term.
On the technical front, we have a topping pattern in play as follows:
It’s the end of the week and a three-day cycle that could see the price deteriorate into longs that have been built up since Wednesday’s rally. The M-formation is a topping pattern that could offer an opportunity before the week is out as traders take profits into the weekend.
We are seeing signs of deceleration, but there will need to be a break of the 0.6370s to confirm that bearish bias. even still, there are prospects of a move higher to test 0.6400/20:
The daily chart is offering prospects of a continuation…traders can look for a fade if the market offers the set up to end the week.
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