Previous week was positive for the NZD/USD, which grew by more than 100 points due to the weakness of USD. Today NZD/USD remains muted by a broad based US dollar. The pair also remains wary ahead of the NZ election outcome due on cards this week. Short term resistance around 0.7200 will likely cap the upside today which is also the Fib. 38.2% retracement of September – October downtrend.
Tomorrow’s CPI data release will act as a catalyst for setting the direction of the future trend.
Tomorrow’s CPI data release will act as a catalyst for setting the direction of the future trend.
Support: 0.7163, 0.7140 & 0.7100.
Resistance: 0.7200/20, 0.7250.