NZDUSD registered weekly gains as traders focused on next week RBNZ’s decision – by christianborjon NZDUSD Majors Macroeconomics Technical Analysis
Nevertheless, policymakers led by the St. Louis Fed President James Bullard, who said that interest rates are not “sufficiently restrictive” and added that would be if the Federal Funds rate hit the 5% to 5.25% area. Echoing his comments was Minnesota’s Fed President Neil Kashkari, stating that one-month data can’t over-persuade the Fed, as it needs to keep at it until they’re sure that inflation has stopped climbing.
On the US front, the economic calendar for the United States will feature the Chicago Fed National Activity Index, Durable Good Orders, housing data, and Initial Jobless Claims. Also, further Federal Reserve officials would cross newswires.The New Zealand Dollar ended the week almost flat after hitting a weekly high of 0.6203. Failure to crack the latter keeps the NZD exposed to selling pressure. Notably, the 0.
NZDUSD key support levels lie at 0.6100, followed by the downslope top-trendline of a descending channel around 0.6065, followed by the 100-day EMA at 0.6015. On the flip side, the NZDUSD’s first resistance would be the 0.6200 mark, followed by the August 25 daily high at 0.6251, ahead of the 200-day EMA at 0.6308.
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