NZD/USD By ross_burland NZDUSD Technical Analysis
The US dollar and US yields are the driving forces mid-week.was under pressure on Tuesday but is making an advance into the closing hours of the New York session, trading at 0.6773 after climbing from a low of 0.6752. The pair had been as high as 0.6808 at the start of the day before an almightly surge in the greenback.
The US dollar struck a six-day high following the jump in Treasury yields. The US 10-year yield also hit a two-year peak of 1.866% overnight. In line with Treasury yields, the dollar strengthened against a basket of currencies, hitting a one-week high of 95.83 DXY., the Dow Jones Industrial Average sank by over 1.9% to 35,262 and the S&P 500 dropped 1.9% to 4,569.82. The Nasdaq Composite slumped 2.31% to 15,238.
''Yesterday’s NZIER QSBO data added fuel to the debate around how much more tightening might be delivered here. The survey pointed to a stretched labour market and to ongoing inflation pressures, but in a world where everyone else is also tightening, that may not help the NZD.''The bird is going through what could be a period of accumulation per the weekly chart's M-formation and neckline at 0.
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.
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