NZD/USD Price Analysis: Shows vertical fall ahead of RBNZ policy – by Sagar_Dua24 NZDUSD RBNZ DollarIndex CPI ChartPatterns
et has sharply dropped below the round-level support of 0.6200 as investors have turned cautious ahead of theS&P500 futures have surrendered their entire gains added in Asia, portraying a decline in theof the market participants. The US Dollar Index has found an intermediate support around 101.68.
The USD Index will dance to the tunes of Wednesday’s Consumer Price Index data, which will be printed at 12:30 GMT. Inflationary pressures are expected to decelerate as gasoline prices have dropped.pattern, which is plotted from July 06 low at 0.6132 while the horizontal resistance of the aforementioned chart pattern is placed from July 06 high at 0.6220. The Kiwi asset is giving a tough fight to the 100-period Exponential Moving Average at 0.6188.
Meanwhile, the Relative Strength Index is looking for support near 40.00. A slippage below the same could trigger bearish momentum. A downside move below July 10 low at 0.6160 will expose the asset to June 29 low at 0.6116. A slippage below the latter would drag the asset to June 05 low at 0.6041. Alternatively, a decisive break above June 22 high around 0.6220 will drive the asset towards June 14 high at 0.6236 followed by May 17 high at 0.6274.
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