The NZD/USD pair finds a temporary cushion near 0.5966 in Thursday’s European session after falling vertically from the round-level resistance of 0.6100.
NZD/USD dips below 0.6000 as US Dollar strengthens after the release of the hot US Inflation data. Investors see the Fed to begin reducing interest rates from September, previously anticipated from June. The RBNZ delivered a hawkish guidance after keeping the OCR steady at 5.5%. The Kiwi asset is expected to deliver more losses as the US Dollar strengthens after expectations for the Fed eral Reserve pivoting to rate cuts shifted to the September policy meeting from prior anticipation in June.
NZD/USD falls sharply while attempting to recapture the crucial resistance of 0.6100. The Kiwi asset trades in the Falling Channel chart pattern in which each pullback is considered as selling opportunity by the market participants. The long-term outlook of the Kiwi asset remains bearish as it trades below the 200-period Exponential Moving Average , which trades around 0.6100. The 14-period Relative Strength Index drops to 40.00.
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