NZD/USD takes a ride on a strong bid following an upside beat to inflation expectations

NZD/USD catches a bid on positive inflation expectations.
US CPI in the barrel for 13:30 GMT.

Joshua Gibson FXStreet

NZD/USD broke upwards following better-than-expected inflation expectation numbers, crossing the .07300 handle to peak at 0.7307, with the pair now receding slightly with news traders profit-taking.

The Kiwi received a boost in Tokyo trading following an upside beat to RBNZ Inflation Expectations, with data coming in at 2.1% versus the previous reading of 2.0%. The headline number shows an increase in confidence in inflation growth looking ahead two years within the New Zealand economy.

The day is far from over for NZD/USD, with the US dropping high-impact CPI data at 13:30 GMT today, and the pair trading up for a fourth consecutive day following a snappy decline from recent highs.

NZD/USD Technicals

Intraday supprt for NZD/USD is priced in at 0.7270 and 0.7253 just below, while yesterday's session high of 0.7314 iis currently resistance, with 0.7345 waiting above should that level fail. Looking longer-term, the pair's recent rejection of the 34 EMA at 0.7234 signals strong buying power in the pair, while the 200-day SMA at 0.7151 should the current level give way to selling pressure.

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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