The NZD/USD faced selling pressure mainly driven by a stronger USD in a cautious market environment. The US reported weak Factory Orders from July, wh
The USD benefits from a cautious market sentiment.The RBA held rates steady, just as expected.
The NZD/USD faced selling pressure mainly driven by a stronger USD in a cautious market environment. The US reported weak Factory Orders from July, which declined faster than expected but didn’t stop the Greenback’s momentum. On the other hand, alongside the AUD, the NZD is the worst performer of the session after the Reserve Bank of Australia decided to hold rates steady at 4.10%, just as expected.
No relevant data will be released for the US for the rest of the session, but its DXY index climbed to a multi-month high of 104.80 as the Greenback benefits from a cautious. In that sense, markets await fresh catalysts to continue placing their bets on the next Federal Reserve decisions. The World Interest Rates Probabilities suggests that markets still foresee some possibilities of the Fed pursuing an additional 0.
Analyzing the daily chart, the NZD/USD technical outlook is bearish in the short term. The Relative Strength Index is comfortably positioned below its midline in negative territory. It has a southward slope, indicating a favourable selling momentum and it is further supported by the negative signal from the Moving Average Convergence Divergence , which displays red bars, underscoring the growing bearish momentum.
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