NZD/USD consolidated after Federal Reserve speaker's big sell-off
|Analysts at Brown Brothers Harriman explained that the US dollar had spent the last full week of August mostly confined to narrow trading ranges against the major currencies until Yellen spoke. "She confirmed the constructive assessment of the economy already offered by both Fischer and Dudley in recent days. While acknowledging that the case of a rate hike was strengthening, she shed no light on the timeframe."
Key Chinese data on the way - BBH
For the week ahead, we have the nonfarm payrolls that will be along with Chinese data to keep an Antipodeans lively. The US GDP is a factor that has been brushed aside, but given the US economy's mixed performance this year, it could come back into scope as we progress towards the US elections.
US elections: Trump unlikely to secure votes - BBH
NZD/USD levels
NZD/USD dropped from 0.7380 to 0.7218, shy of the 21st August lows and was unable to take out the 0.72 handle, but has penetrated the ascending channels support line. Until the bird can cross back over the line at 0.7250, the bias is to the downside targeting 17th Aug lows in the near term at 0.7203 ahead of 0.7180 and 0.716414th Aug lows. 0.7104 is key downside target. To the upside, a break of 0.7335 resistance opens a bullish bias again.
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