NZD/USD bears are closing in and looking for a bearish close for the day

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  • NZD/USD bears are in play towards the close on Wall Street.
  • The dollar is still in the correction phase due to the sentiment of the Fed.

The NZD/USD pair rebounded from one-month lows this week but failed to make new all-time highs on Wednesday. The pair ranged from a low of 0.6296 to a high of 0.6348. Markets were dovish on Tuesday as comments from US Federal Reserve Chairman Jerome Powell helped lift commodity currencies despite strong nonfarm payrolls data from USA on Friday.

Overall, however, on the day, both the kiwi and the US dollar index, DXY, are little changed with a calendar empty of catalysts, aside from speakers from the Federal Reserve who continued to stress the need for investors to monetary policy adjustments remain restrictive.

The Fed’s John Williams insisted that interest rates were “just barely in tight territory” and that rates would need to stay at a tight level “for a few years to make sure we get 2% inflation.” The Fed’s Lisa Cook argued that “they need to be tight for some time to cool prices.” The Fed’s Neel Kashkari stressed that “the services side of the economy is still hot,” noting the lack of progress on inflation for basic services, excluding housing. As a consequence, the US dollar was able to rally in the US session, sinking all boats, including NZD/USD, which continues to bleed at the spot close on Wall Street.

NZD/USD

Overview
Last price today 0.6305
daily change today -0.0016
today’s daily variation -0.25
today’s daily opening 0.6321
Trends
daily SMA20 0.6428
daily SMA50 0.6375
daily SMA100 0.6114
daily SMA200 0.6189
levels
previous daily high 0.6363
previous daily low 0.6272
Previous Weekly High 0.6538
previous weekly low 0.6322
Previous Monthly High 0.6531
Previous monthly minimum 0.619
Fibonacci daily 38.2 0.6328
Fibonacci 61.8% daily 0.6307
Daily Pivot Point S1 0.6274
Daily Pivot Point S2 0.6228
Daily Pivot Point S3 0.6183
Daily Pivot Point R1 0.6365
Daily Pivot Point R2 0.641
Daily Pivot Point R3 0.6456
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Source: Fx Street

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