NZD/USD bulls move in as US dollar melts from 20-year highs

NZD/USD bulls have moved in as the US dollar sells off into month end.
The greenback and US yields were underwater on Wednesday and the high beta currencies took off.

Ross J Burland FXStreet

NZD/USD rallied on Wednesday following a strong sell-off in the US dollar as the month-end approaches. NZD/USD rallied by some 1.8% from a low of 0.5564 to a high of 0.5733 the high.

This came on the back of the US dollar index melting through a cascade of market orders across the major currency complex from 114.778 to as low as 112.561 in a matter of half a day of trade between the late London session and New York opening hours.

''The Kiwi is back above 0.57 this morning, having regained a touch of composure alongside a plethora other risk assets in the wake of the Bank of England’s decision to “temporarily” buy bonds and to delay plans for QT,'' analysts at ANZ Bank explained:

''It’s all a bit of a mess and very contradictory, and how long the calm/fresh optimism lasts remains to be seen. For one, this re-stimulation will lift, not quell UK inflation, and that’s bad for bonds and sterling. Prior to that, the US White House had said that it isn’t in favor of a new Plaza Accord-type deal to cap the USD’s strength. Those looking to politicians to end the dollar’s reign may be looking in the wrong place.''

''Amid opposing short and long-term influences, we think it pays to keep a very open mind, brace for volatility, and manage risk carefully,'' the analysts added.

NZD/USD

Overview
Today last price	0.5732
Today Daily Change	0.0027
Today Daily Change %	0.47
Today daily open	0.5705

Trends
Daily SMA20	0.597
Daily SMA50	0.6148
Daily SMA100	0.6231
Daily SMA200	0.649

Levels
Previous Daily High	0.5722
Previous Daily Low	0.5624
Previous Weekly High	0.6003
Previous Weekly Low	0.573
Previous Monthly High	0.647
Previous Monthly Low	0.6101
Daily Fibonacci 38.2%	0.5685
Daily Fibonacci 61.8%	0.5662
Daily Pivot Point S1	0.5645
Daily Pivot Point S2	0.5585
Daily Pivot Point S3	0.5547
Daily Pivot Point R1	0.5744
Daily Pivot Point R2	0.5782
Daily Pivot Point R3	0.5842

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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