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FxWirePro: NZD/USD rejected at session high, slips below 0.73 handle

Broad-based USD strength after hawkish Fed comments keeps NZD/USD subdued. Data released earlier today showed unemployment rate fell to 5.1% and PPI rose 0.9% q/q versus expected 0.5% rise. Kiwi largely muted to data, fa…

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FxWirePro: NZD/USD rejected at session high, slips below 0.73 handle
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  • Broad-based USD strength after hawkish Fed comments keeps NZD/USD subdued.
     
  • Data released earlier today showed unemployment rate fell to 5.1% and PPI rose 0.9% q/q versus expected 0.5% rise. 
     
  • Kiwi largely muted to data, failed to extend upside, was rejected at highs by 0.7322 and has slipped below the 0.73 handle.
     
  • Major trendline support is seen at 0.7190, break below will find next major support by 50-DMA at 0.7135.
     
  • Focus now on FOMC meeting minutes, later during NY trading session, which would determine further direction.
     

Recommendation: Good to go short break below 0.7190, target 0.7135/ 0.7085
 

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