fxs_header_sponsor_anchor

News

NZD/USD Price Analysis: RBNZ in focus, key levels and market structure to watch

  • NZD/USD is holding in a tight range into the RBNZ with breakout points above 0.6750 and below 0.6730 eyed. 
  • The longer-term charts are bearish, so the RBNZ will need to surprise if the bulls are to stay in control. 

NZD/USD is the focus and a 25bp rate hike should reinforce NZD's carry status against the low-yielders, while the prospects of a 50bp hike increase would be an added benefit and will be expected to pole volt 0.6750. 

The following is an analysis of the longer-term charts and the near term from an hourly perspective heading into the event.

NZD/USD weekly chart

The weekly chart is bearish while below the M-formation's neckline resistance between 0.6730 and the 0.6770s. An extension to the downside could be on the cards for the weeks ahead with 0.6385 eyed as a -61.8% Fibo target and the confluence with prior lows. 

NZD/USD daily chart

The daily chart shows the price eating its way into resistance but is overextended and could be due for a correction in coming sessions. The 38.2% Fibo meets with prior structure near 0.6690. If this were to hold, then the bulls could seek to engage at a discount and target a higher test in the weekly resistance towards the 0.67790s.

NZD/USD H1 chart

Should there be an uber hawkish surprise from the RBNZ, then a break of 0.6750 opens risk for a deeper test of the weekly resistance in the 0.6770s. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.