NZD/USD is dropping back to test the downside of the 0.73 handle scoring a low of 0.7309 on the recent sticks having climbed up from below 0.7280.
The bird got a lift yesterday on Wheeler, " he saw no need for rapid rate cuts," as analysts at Brown Brothers Harriman explained, adding, "With two policy meetings left this year, this suggests no move on September 22 followed by a 25 bp rate cut on November 10. " However, that has not gone in the RBNZ's favour with the currency now even stronger, moving to fresh highs for 2016. Now, the focus will be back to the greenback as the US GDP and Jackson Hole awaits at the end of the week.
NZD/USD levels
NZD/USD has spot is presently trading at 0.7309, and next resistance can be seen at 0.7311 (Hourly 20 EMA), 0.7343 (Weekly Classic R1), 0.7344 (Daily Classic R2), 0.7346 (Daily High) and 0.7393 (Daily Classic R3). Next support to the downside can be found at 0.7307 (YTD High), 0.7307 (Daily Classic R1), 0.7307 (Annual High), 0.7296 (Yesterday's High) and 0.7288 (Monthly High). Regarding candlestick formations, we can see Dark Cloud Cover formation on the 1-hour.
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