The NZD/USD pair finds some support in the vicinity of the very important 200-day Simple Moving Average (SMA) and stages a modest recovery from a one-and-half-week low, around the 0.6080 region touched during the Asian session on Monday.
NZD/USD attracts some buyers near a technically significant 200-day SMA on Monday. Mostly better-than-expected Chinese data lend support amid subdued USD demand. The upside seems limited as traders await the crucial Fed decision for a fresh impetus. The NZD/USD pair finds some support in the vicinity of the very important 200-day Simple Moving Average and stages a modest recovery from a one-and-half-week low, around the 0.6080 region touched during the Asian session on Monday.
However, expectations that the Federal Reserve will stick to its higher-for-longer interest rates narrative to bring down inflation continue to act as a tailwind for the Greenback and cap gains for the currency pair. Traders might also refrain from placing aggressive directional bets and m,ove to wait on the sidelines ahead of the key central bank event risk – the outcome of the highly-anticipated two-day FOMC monetary policy meeting on Wednesday.
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