Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: NZD/USD consolidates amid lurking US concerns

• NZD/USD consolidated around 0.5825  on Wednesday as markets remain cautious over ongoing U.S. political and economic uncertainty.

• The U.S. government shutdown extended to a third day on Friday, potentially delaying key economic data releases, including the closely watched non-farm payrolls report due on Friday.

• Federal Reserve Bank of Dallas President Lorie Logan said the Fed’s rate cut last month provided some insurance against a sharp labor market downturn, but she emphasized the need to remain cautious about further easing.

• NZD/USD remains under pressure in the short term after a run of weak economic data has led traders to price in deeper easing by the Reserve Bank of New Zealand.

•Markets are fully priced for a quarter-point cut to 2.75% next week, with a 44% chance of a larger half-point move.

•  Immediate resistance is located at 0.5846(38.2%fib), any close above will push the pair towards 0.5878(SMA 20).

•  Support is seen at 0.5772(23.6%fib)and break below could take the pair towards 0.5730 (Lower BB).

 Recommendation: Good to sell around 0.5830 with stop loss of 0.5870 and target price of 0.5730

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.