Key Highlights
US Dollar failed to gain buyers after the FOMC meeting minutes, and currently looks like positioning for a correction.
NZDUSD managed to find support around 0.7280, and currently testing an important resistance area.
New Zealand Visitor Arrivals released by the Statistics New Zealand posted an increase of 6.1% in April 2015, compared to the previous rise of 15.1%.
NZDUSD - Technical Analysis
The New Zealand Dollar declined sharply recently against the US dollar, but later managed to gain traction around the 0.7280 support area. The NZDUSD is currently attempting to correct higher, and it would be interesting to see how sellers react in the short term. There are a couple of bearish trend lines formed on the hourly chart, which might act as a hurdle for buyers.
A critical resistance is around the upper bearish trend line, i.e. also aligned with the 38.2% Fib retracement level of the last drop from the 0.7443 high to 0.7280 low. The hourly RSI is approaching the 50 mark, which suggests that the pair is heading towards a crucial swing area.
On the downside, the 0.7280 support area holds the key as it represents a major barrier for sellers.
US Existing Home Sales
In the US, there are a couple of important releases scheduled today, including the Existing Home Sales, which will be published by the National Association of Realtors. The forecast is lined for a 1% increase in April 2015, compared to the preceding month.
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