NZD/USD bulls in control looking to break 0.7340 today?
|Currently, NZD/USD is trading at 0.7324, down -0.03% on the day, having posted a daily high at 0.7329 and low at 0.7324.
NZD/USD traded within a narrow range overnight while buoyed by a weaker dollar across the board from continued concerns around the turnover of staff at the White House and subsequent hold ups around any potential legislative requirements on key fiscal issues.
Forex today: DXY down -0.34% and US yields slipping
Meanwhile, analysts at Westpac suggested that positive momentum could take the NZD above 0.7340 today if the USD remains depressed.
NZD/USD 1-3 month:
"If the RBNZ remains firmly on hold, as we expect, and the US dollar rises on tighter Fed policy, then NZD/USD could fall as far as 0.70 by year-end," explained the analysts on a longer-term outlook.
NZD/USD levels
To the upside, the 0.7337 overnight highs and 0.7370 (9th Aug high) are the immediate resistance areas. To the downside below 0.7300, 0.7280, 0.7205, the 06 June 22/21 lows and 0.7186 June 15 low along with the 50% of the move up from the 2017 low (May low) at 0.7187 are key areas of support ahead of 0.7150 June 5 high; 0.7127 June 6 low and 0.7100.
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