The NZD/USD pair extends its two-day losing spell as investors turn cautious ahead of the speech from Federal Reserve (Fed) Chair Jerome Powell. Jerom
NZD/USD continues losing spell for the third day in a row amid Fed jitters. Fed Powell is expected to reiterate the need tokeepinterest rates higher for a longer period. NZD/USD trades below the 50-day EMA, indicating that the short-term trend is bearish. e Powell is expected to provide guidance on interest rates and a further roadmap of bringing down inflation to 2%. Investors expect that Jerome Powell would reiterate the need to keep interest rates elevated at 5.25-5.
The Kiwi asset trades below the 50-day Exponential Moving Average , indicating that the short-term trend is bearish. The Relative Strength Index slips below 40.00, warranting more downside in the Kiwi asset amid an absence of divergence and oversold signals. Further downside below the round-level support of 0.5800 would expose the asset to a fresh 11-month low at 0.5740, which 03 November 2022 low. A breakdown below the same would expose the asset to the round-level support at 0.5700.
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