- NZD/USD has been resting in a nest between 0.6650 and 0.6684 and has been so despite a bullish bias in the greenback, US rates and a late decline in risk on Wall Street.
- The antipodeans are at a crossroads at this juncture.
There has been a switch-up in sentiment towards global trade based upon a few tweets from Trump that seemed to have sparked a paring back of speculative positions in the Aussie and Kiwi and dollar longs.
However, there has been very little substance nor clarity over the trade dispute between Xi and Trump being resolved ahead of the G20 summit on the 26th of this month. In fact, quite to the contrary, there have been reports that Trump and Xi are not any closer to finding a solution tot heir dispute - yet, the Yuan and antipodeans remain in their safe zones for the time being.
US Mid-terms - Election Night Live Coverage
Traders are waiting for the US election results today which will determine in the fate of the greenback for the near term, however, from a domestic front, the NZ jobs data are on the cards where the unemployment rate is expected to come in at 4.5%.
"After a reasonably quiet start to the week, it should get more exciting today with the US mid-terms in focus. Not only are the results themselves uncertain, but so too is the market reaction to various permutations. The kiwi is close to resistance here so its performance today is going to hinge heavily on the results," analysts at ANZ New Zealand Bank Limited explained.
NZD/USD levels
- Support 0.6550
- Resistance 0.6690
NZD/USD finds support at the 23.6% Fibo at 0.6635 while the rising 21-hr SMA is a fragile boundary at 0.6667. A break below these levels opens 0.6601 and the 38.2% Fibo. 0.6550 is where the 61.8% retracement falls. To the upside, 0.6688 recent double tops highs guard R3 0.6722 and double top highs of 27th Aug 0.6727. 138.2% is located at 0.6775 ahead of the 161.8% that meets the June 20 low at 0.6826 ahead of the double top July-Aug highs at 0.6850/60.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD hovers around 1.0700 after German IFO data
EUR/USD stays in a consolidation phase at around 1.0700 in the European session on Wednesday. Upbeat IFO sentiment data from Germany helps the Euro hold its ground as market focus shifts to US Durable Goods Orders data.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold price trades with mild negative bias, manages to hold above $2,300 ahead of US data
Gold price (XAU/USD) edges lower during the early European session on Wednesday, albeit manages to hold its neck above the $2,300 mark and over a two-week low touched the previous day.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.