NZD/USD: Dollar recovery sending Kiwi lower ahead of FOMC

Kiwi trading lower against recovering US Dollar.
USD data beginning at 14:45.

Joshua Gibson FXStreet

The NZD/USD is still sliding, breaking passed yesterday's low and currently testing into 0.7330 ahead of European markets.

It's a data-light week for the Kiwi except for low-tier Retail Sales figures on Thursday, the focus will be on the US Markit PMI Composite due today at 14:45 GMT, followed by the FOMC Minutes at 19:00.

The pair is losing ground as rising bond yields drive up the US Dollar, sending the Kiwi lower for the past three trading days from a recent high of 0.7437.

NZD/USD Technicals

The long-term charts for NZD/USD show the formation of a soft double-top on daily charts, turning away from the 0.7437 region and approaching the 34-EMA sitting at 0.7270. Continued selling will see support at 0.7314 and 0.7265, while buyers will have to reverse current action and mount resistance formed at the 0.7400 handle and the recent high point of 0.7437.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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