The NZD/USD pair drops to near the crucial support of 0.5900 in Tuesday’s European session while attempting to break above the immediate resistance of 0.5930.
NZD/USD falls to 0.5900 even though the US Dollar remains sideways. Investors await the US core PCE Price Index that will influence speculation for Fed rate cuts. NZD/USD consolidates in a 0.5850-0.5933 range for almost a week. A sideways performance is anticipated from the Kiwi asset as investors await the United States core Personal Consumption Expenditure Price Index data for March, which will be published on Friday.
The speculation for the RBNZ pivoting interest rate cuts postponed for later this year after the Q1 Consumer Price Index grew expectedly by 0.6%. The NZD/USD pair has moved back and forth between 0.5850 and 0.5933 over the past week, suggesting a sharp volatility contraction. The 20-period Exponential Moving Average at 0.5910 remains stuck to spot prices and exhibits indecisiveness among market participants. The 14-period Relative Strength Index oscillates in the 40.00-60.
Fed RBNZ Inflation Supportresistance
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