NZD/USD bulls eye a significant correction NZDUSD Technical Analysis Currencies Fed RBNZ
There were concerns as to whether Congress will pass the Biden/McCarthy US debt ceiling deal. The gatekeeper House of Representatives Rules Committee is due to consider the 99-page bill beginning at 3 p.
m. EDT on Tuesday, ahead of votes in the Republican-controlled House of Representatives and the Democratic-controlled Senate. ´´Although it is logical that resolving the deal will clear the way for the Federal Reserve to hike , the fact that we have seen US bond yields fall suggests that markets are less ebullient,´´ analñysts at ANZ Bank explained. ´´Carry remains a focus for the Kiwi but carry “works” best when volatility is low and there isn’t much else going on, so it could be a patience game for carry traders. The NZ data is light until in mid-June, and we may have to wait until then for NZ-specific factors to become drivers,´´ the analysts added. The bears are in the market and this leaves in-the-money shorts vulnerable to a pullback. A move to test resistances could open risk to the trendline resistance in a significant correction as measured by the Fibonacci scale. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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