NZD/USD bulls looking to the RBNZ to hike

NZD/USD traders are bracing for volatility this week around the RBNZ.
NZD/USD is picking up some of the demand lost for the US dollar.

Ross J Burland FXStreet

NZD/USD has opened on Monday where it left off on Friday on an important week for kiwi traders in anticipation of the Reserve Bank of New Zealand.

The US yield and the US dollar was hammered on Friday on terrible data which supported the commodity complex and the proxy currencies such as the CAD, AUD and NZD.

A survey showed US consumer sentiment dropped sharply in early August to its lowest level in a decade.

The fall was one of the six largest drops in the past 50 years of the survey. The dollar index DXY, which measures the greenback against a basket of six rivals, was 0.4% lower at 92.523, its lowest since Aug 6.

NZD/USD is now moving in on recent highs on a week that could bring in plenty of volatility in the bird as traders await the RBNZ's interest decision.

''This week is set to be volatile locally,'' analysts at ANZ Bank said with respect to the RBNZ noting that the market pricing is split roughly 80/20 in favour of a 25bp hike over a 50bp one.

''The RBNZ’s tone will also matter; given COVID developments in Australia, which highlight just how quickly things can change, caution is likely. Brace for volatility.''

NZD/USD

Overview
Today last price	0.7044
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	0.7043

Trends
Daily SMA20	0.6992
Daily SMA50	0.7024
Daily SMA100	0.7096
Daily SMA200	0.7111

Levels
Previous Daily High	0.7049
Previous Daily Low	0.6994
Previous Weekly High	0.7063
Previous Weekly Low	0.6969
Previous Monthly High	0.7106
Previous Monthly Low	0.6881
Daily Fibonacci 38.2%	0.7028
Daily Fibonacci 61.8%	0.7015
Daily Pivot Point S1	0.7008
Daily Pivot Point S2	0.6974
Daily Pivot Point S3	0.6953
Daily Pivot Point R1	0.7063
Daily Pivot Point R2	0.7084
Daily Pivot Point R3	0.7118

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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