NZD/USD bulls are tiring ahead of US CPI as the main event NZDUSD DollarIndex Currencies CPI Technical Analysis
markets that are treading water in search of catalysts, at the time of writing, NZD/USD is trading at 0.6367, about where it opened on Tuesday but it ranged between a low of 0.6342 and 0.6389 on the day.In a note at the start of the Asian day on Wednesday, analysts at ANZ Bank said the fact that ''FX markets are treading water ahead of key US CPI data tomorrow night is no real surprise given the amount of emphasis bond markets is putting on that data .
As for the expectations of the CPI data, analysts at TD Securities said that they are looking for core prices to have edged higher on a month-on-month basis in December, closing out the year on a relatively stronger footing. For the US Dollar, the analysts said ''unless the core measure significantly surprises to the upside, USD rallies should be sold into. We think the bar is high to compel a reversal of fortune despite the USD tactically stretched.'', NZD/USD is on the backside of the prior bullish trend and could be lining up for a bearish breakout:
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