NZD/USD: closes above the 10 and 21 hourly SMAs, lacks conviction
|- NZD/USD eyes are on 0.7130 with closes below 0.7200.
- NZD/USD bulls unable to convince despite slower pace of dollar recovery.
On a week where NZD/USD was offered, despite the positive jobs data, (where traders analysed the details and concluded that wages were not rising enough), and post the 'on-hold-RBNZ-supply' that took the price towards the 0.72 mark, NZD/USD opened near 0.7225 on Thursday in NY.
A choppy session for NZD/USD
Bulls were looking to take advantage of the reduction in momentum in the dollar's resurgence making for a choppy day. The crosses were influencing the price action as well, with the yen taking up its usual risk-off bid with NZD/JPY under pressure. NZD/USD closed the session around 0.7230.
NZD/USD levels
NZD/USD lost the support of 0.7300 that was set in place during the European session prior t the RBNZ and has since fallen this week to 0.7176 having been as high as 0.7352 after yesterday's strong NZ jobs data. 0.7200 was a previous support that was broken and has opened risk towards 0.7130 and 0.7070/80. We now await China's January inflation data (CPI m/m f/c 0.7% prior 0.3%) as next catalyst.
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