NZD/USD knocks into 0.6080 after FOMC Meeting Minutes spark risk-off bids

Greenback is broadly firmer on Wednesday after hawkish Fed.
Investors hoping for signs of rate cuts continue to be disappointed.
RNBZ Governor Orr due to speak early Thursday pre-market.

Joshua Gibson FXStreet

NZD/USD backslid on Wednesday after the latest Meeting Minutes from the Federal Reserve’s (Fed) Federal Open Market Committee (FOMC) revealed a far more cautious stance on rate cuts than many investors had hoped for.

Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr will be speaking late Wednesday ahead of the Thursday Pacific pre-market. RBNZ Governor Orr will be followed by New Zealand Retail Sales.

While the FOMC’s latest Meeting Minutes didn’t outright rule out a September rate cut, Fed policymakers remain firmly more hawkish than investors have been hoping for, and odds of a September rate cut have eased even further. According to the CME’s FedWatch Tool, rate markets are pricing in under 60% chances of a quarter-point cut in September after the FOMC revealed a firm desire from Fed members to await firmer signs that the pace of inflation will continue falling to the Fed’s 2% target.

NZD/USD technical outlook

The Kiwi has tumbled back to the 200-hour Exponential Moving Average (EMA) at 0.6080, backsliding from Wednesday’s early peaks near 0.6150. NZD/USD hit its highest bids since mid-March in Wednesday, but has tumbled to a one-week low and is on pace to slide back below the 200-day SMA at 0.6073.

NZD/USD hourly chart

NZD/USD daily chart

NZD/USD

Overview
Today last price	0.6085
Today Daily Change	-0.0005
Today Daily Change %	-0.08
Today daily open	0.609

Trends
Daily SMA20	0.6014
Daily SMA50	0.6004
Daily SMA100	0.6074
Daily SMA200	0.6041

Levels
Previous Daily High	0.6118
Previous Daily Low	0.6087
Previous Weekly High	0.6146
Previous Weekly Low	0.5995
Previous Monthly High	0.6079
Previous Monthly Low	0.5851
Daily Fibonacci 38.2%	0.6099
Daily Fibonacci 61.8%	0.6106
Daily Pivot Point S1	0.6079
Daily Pivot Point S2	0.6068
Daily Pivot Point S3	0.6049
Daily Pivot Point R1	0.6109
Daily Pivot Point R2	0.6129
Daily Pivot Point R3	0.614

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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