NZD/USD chart - Trading View
Spot Analysis: 08:35 GMT
Spot: 0.7135
Session's High/ Low: 0.7139/ 0.7103
Previous Week's High/ Low: 0.7216/ 0.7130
Previous Session's High/ Low: 0.7186/ 0.7092
Technical Analysis:
- NZD/USD has bounced off strong support at 200-DMA
- 5-DMA has turned, price action is below 200H MA
- Stochs are on verge of bearish rollover from overbought levels
- MACD is on verge of bearish crossover on signal line
Fundamental Overview:
NZ Q3 Employment Change provided a strong beat to the 0.4% expected and 1.0% prior with the 2.0% figures
NZ Unemployment Change also dropped heavily past 4.0% previous readouts and 3.9% market consensus to 3.4% during the stated period.
Further, New Zealand’s fortnightly release of the GDT Price Index jumped 4.3% versus 2.2% prior.
Focus now on the the US Federal Reserve’s (Fed) monetary policy announcement amid tapering tantrums due 1800 GMT for impetus.
The Fed is widely expected to announce a reduction of $15 billion in monthly asset purchases while keeping the policy rate unchanged.
Investors will keep a close eye on the Fed's language regarding the rate outlook and inflation expectations.
Major Support and Resistance Levels:
Support - 0.7097 (200-DMA), Resistance - 0.7157 (5-DMA)
Summary: NZD/USD bias remains bullish as long as pair holds above 200-DMA. Focus on FOMC for impetus.
