The NZD/USD pair corrects modestly from fresh almost three-month high of 0.6200 in Tuesday’s European session.
NZD/USD drops as the US Dollar steadies ahead of US JOLTS Job Openings data. Weak US factory PMI report prompts Fed rate-cut bets. NZD/USD tests the Bullish Flag breakout region near 0.6170 The Kiwi asset drops as the US Dollar gains ground after a sharp sell-off move on Monday. The US Dollar Index finds a temporary cushion near 104.00.
The above-mentioned chart formation exhibits an inventory adjustment process between institutional investors and retail participants. This pattern indicates a consolidation after a sharp upside move and it generally breaks towards the direction of the trend, which in this is upwards. The 50-period Exponential Moving Average near 0.6126 continues to provide support to the New Zealand Dollar bulls. Meanwhile, the 14-period Relative Strength Index has climbed above 60.00.
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