NZD/USD tracking speculative bids before dovish RBA?


FXStreet (Guatemala) - NZD/USD is currently trading at 0.6766 on the bid with a high of 0.6769 and a low of 0.6736.

NZD/USD has been recovering in Asia while the Aussie awaits the RBA and early birds run the price higher in perhaps expectations of a dovish statement, with a classic case of buy the rumour and sell the fact scenario. The Kiwi traditionally tracking the Aussie, despite a dovish outlook recently coming from the NZ Finmin who warns that RBNZ OCR will likely go down.

This week is a big one and could be the prelude to the FOMC in Dec with a fist-full of key events, including the RBA today, but not forgetting the Nonfarm Payrolls at the end of the US week.

See here for RBA preview

NZD/USD levels

NZD/USD's 200 SMA on the hourly at 0.6751 offers a pivotal point while the price remains in a tight consolidation range on the shorter time frames. However, there remains a bearish bias below the 200 DMA at 0.7003 for the 1-3 week outlook and beyond there on the wide targets the 0.76 key resistance level.

A near term breakout of 0.6897 could be a catalyst to bring this into focus again, but the bias brings in the key 0.6620 support that guards a continuation of the downside.

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD falls toward 1.19 after robust US Nonfarm Payrolls data

EUR/USD is trading above 1.19 after dipping below that number in response to the US Nonfarm Payrolls, which showed an increase of 379K jobs in February. Higher yields in response to Powell are keeping the dollar bid.

EUR/USD News

GBP/USD recovers after post-NFP dip below 1.38

GBP/USD is trading above 1.38 bus till down the day. The US gained 379.000 jobs, roughly double than expected and supporting the dollar. The Senate's stimulus debate is eyed.

GBP/USD News

XAU/USD battles 1700 level

Gold is staging a rebound toward $1,700 amid proift-taking ahead of the weekend but remains on track to close the third straight week in the negative territory.

Gold News

Ethereum price primed for a swift recovery as the network prepares for a major update in July

Ethereum price aims for a significant recovery towards $2,000. A major upgrade scheduled for July intends to fix the problem with gas fees on Ethereum. ETH miners are not happy with the decision.

Read more

US Dollar Index pushes higher to 92.20 on stellar Payrolls

The march north in the greenback remains unabated and trade in fresh 2021 highs beyond the 92.00 hurdle when tracked by the US Dollar Index (DXY).

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures