The NZD/USD pair trades in a limited range between 0.6105-0.1030 in Monday’s early American session.
NZD/USD trades sideways as investors look for fresh Fed interest rate cues. Investors see the Fed easing interest rates twice this year. NZD/USD struggles for direction with focus on US core PCE inflation data. The Kiwi asset consolidates as uncertainty over when the Fed eral Reserve will start reducing interest rates has deepened. Investors see the Fed to begin reducing rates from the September and a subsequent move in the November or December meeting.
Generally, the inventory adjustment process results in a decisive break in either direction. The Kiwi asset trades below the 50-period Exponential Moving Average near 0.6133, suggesting a sharp volatility contraction. The 14-period Relative Strength Index oscillates in the 40.00-60.00 range, indicating indecisiveness among investors. Fresh downside would appear if the asset delivers a decisive break below the round-level support of 0.6100. This would drag the asset towards April 4 high around 0.
Fed Inflation Dollarindex Supportresistance
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