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NZD/USD above milk auction lows, chop persists

Source: Thomson Reuters


  • Market ignores weak commodities & pair above milk auction lows, but chop persists

  • NZD/USD holds within March 12 range (US retail sales day), 0.7276 low overnight

  • Offers ~0.7330/35 (hourly high, 200-HMA) cap for now

  • Fed decision key, if dovish tip NZD/USD likely sees big spike up

  • Market still large net-short NZD, test of 0.7400/10 likely, break then eyes ~0.7450 

  • Market Data
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