NZD/USD chart on Trading View used for analysis NZD/USD is extending range trade for the 3rd straight session. The pair is currently trading at 0.6892, up 0.10% at 0525 GMT. Price action continues in a 'Symmetric Traingl…
NZD/USD is extending range trade for the 3rd straight session.
The pair is currently trading at 0.6892, up 0.10% at 0525 GMT.
Price action continues in a 'Symmetric Traingle' pattern and breakout could see further highs.
Poor New Zealand Trade Balance data keeps the kiwi under pressure, while dovish Fed comments limit downside.
New Zealand unadjusted monthly trade balance turned a large deficit of $914m in Jan, considerably weaker than expected with exports below expectations and imports considerably stronger.
On the otherside, Fed Chair Powell on Tuesday reiterated patience on rate hikes and took note of the risks to the US economy, leaving the USD weaker across the board.
Technical studies support upside. The pair has bounced off 200-DMA support and could see test of 0.6930 (Triangle top).
5-DMA is immediate support. Break below 21-EMA will see retrace till 200-DMA at 0.6751.
