NZD/USD: building up to the Jackson Hole and Yellen's speech

Ross J Burland FXStreet

NZD/USD remains on the 0.73 handle after support at 0.7280 served its purpose with the 100 sma on the 1hr sticks falling in as a level of demand again.

NZD/USD has been in a bullish trend for the month of July and found further support on the back of recent comments from RBNZ's Wheeler who has advocated for a less dovish tact from the Central Bank, while at the same time, the U.S. dollar is a mixed bag given the uncertainty that market is holding out for a rate hike from the Fed this year with many variables such as the U.S. elections towards the end of the year.

The data in the US has been just as mixed and we now head into key durable goods, US GDP and the Jackson Hole where expectations from Yellen are unclear still, despite all eyes fixated on the event with a huge build up which may otherwise prove to disappoint the market of she fails to deliver guidance to the market at the event.

NZD/USD levels

Spot is presently trading at 0.7317, and next resistance can be seen at 0.7323 (Daily High), 0.7336 (Daily Classic R1), 0.7337 (Yesterday's High), 0.7343 (Weekly Classic R1) and 0.7381 (Daily Classic R2). Support below can be found at 0.7312 (Daily Open), 0.7311 (Monthly High), 0.7311 (Weekly High), 0.7311 (Annual High) and 0.7308 (Hourly 20 EMA). Regarding candlestick formations, we can see Piercing Line formation on the 1-hour.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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