• NZD/USD stays above 0.6220s in a volatile session as Fed Chair Powell speaks.
  • The removal of hawkish language in the monetary policy statement signals a possible Fed pivot.
  • Fed Powell: If the US gets tip into a recession, I “hope it would be mild.”

The NZD/USD advances sharply, eyeing the 200-day SMA at 0.6255, after the US Federal Reserve (Fed) decided to raise rates by 25 bps, though it opened the door for a “possible” pause. As Fed Chair Jerome Powell speaks, the NZD/USD is trading volatile within the 0.6220-60 area at the time of writing.

The Fed would be data-dependent at upcoming meetings, including a possible pause

In his press conference, Federal Reserve Chair Jerome Powell said the Fed would take a data-dependent approach, and there are some signs that supply and demand in the labor market are returning to balance. He added that inflation pressures continued to run high, and if the US hits a recession, it would be mild.

Powell added that the US central bank is prepared to do more if warranted and emphasized the Fed’s goal to restore price stability while adding that rates would remain higher “for a while.”

On Wednesday, the Fed Chair Powell and Co. voted to raise rates to the 5.00% - 5.25% area, though tweaked its language regarding additional rate hikes. The Fed shifted to being data-dependent and will asses future decisions based on information about the economy, inflation, and the overall financial markets behavior.

Federal Reserve officials added that ongoing tightening of credit conditions could aid the US central bank to achieve its 2% inflation goal. Despite removing some hawkish language from the monetary policy statement, policymakers reiterated that inflation is high and that the labor market is tight. Therefore, June’s meeting would likely be live, even though the futures markets had begun to price in the first rate cut in September. Concerning the balance sheet reduction, the Quantitative Tightening (QT) would continue as planned.

NZD/USD Technical Levels

NZD/USD

Overview
Today last price 0.6239
Today Daily Change 0.0031
Today Daily Change % 0.50
Today daily open 0.6208
 
Trends
Daily SMA20 0.6199
Daily SMA50 0.6207
Daily SMA100 0.6283
Daily SMA200 0.616
 
Levels
Previous Daily High 0.6219
Previous Daily Low 0.6163
Previous Weekly High 0.6189
Previous Weekly Low 0.6111
Previous Monthly High 0.6389
Previous Monthly Low 0.6111
Daily Fibonacci 38.2% 0.6198
Daily Fibonacci 61.8% 0.6184
Daily Pivot Point S1 0.6175
Daily Pivot Point S2 0.6141
Daily Pivot Point S3 0.6119
Daily Pivot Point R1 0.6231
Daily Pivot Point R2 0.6253
Daily Pivot Point R3 0.6287

 

 

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