Investors are eagerly anticipating the outcome of the New Zealand Consumer Price Index (CPI) today to determine the future direction of the NZDUSD currency pair, which is currently trading at 0.62745.
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- NZD/USD traders await to see how the land lies after the NZ CPI today.
As per the prior analysis, NZD/USD Price Analysis: Bulls seek a break of key trendline resistance, whereby a correction was underway and a continuation would be eyed for in due course, we have seen bears move into a 50% mean reversion area while leaving room on the table for a deeper move should today’s data warrant it.
The trendline resistance has kept the bears in play, so far:
We saw a false break of the trendline and a strong move to the downside to test trendline support on the way to last month’s highs. Bears have moved about ahead of the data as the 0.62s come under pressure.
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