NZD/USD sticks to modest gains above 0.73
|The NZD/USD pair is moving in a tight 30 pip range on Monday with the daily high at 0.7335 and the low at 0.7305. As of writing, the pair was trading at 0.7320, gaining 0.15% on the day.
Amid a lack of fundamental catalysts and an empty economic calendar, the pair is struggling to find a short-term direction. Although a short-winded greenback sell-off in the early NA session allowed the pair to gain some traction, the upsurge failed to sustain as the falling crude oil prices made it difficult for the commodity-sensitive kiwi to find demand. At the moment, the US Dollar Index was at 93, losing 0.37% on the day while the barrel of West Texas Intermediate was losing $1.10, or 2.25%, to trade at $47.55.
The pair is poised to continue to move sideways on Tuesday as well as investors are likely to remain on sidelines ahead of the Jackson Hole Symposium later this week. Moreover, the calendar won't be offering any noteworthy data from New Zealand either.
Technical outlook
The RSI on the daily graph, which is moving horizontally near the 50 handle, is supporting the view of a neutral near-term outlook. The pair could face the first hurdle at 0.7350 (50-DMA) followed by 0.7415 (Aug. 7 high) and 0.7500 (psychological level). On the downside, supports are located at 0.7295/0.7300 (10-DMA/psychological level), 0.7225 (Aug. 16 low) and 0.7190 (100-DMA).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.