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Chart - Courtesy Trading View
Spot Analysis:
NZD/USD was trading 0.27% lower on the day at 0.7026 at around 09:50 GMT
Previous Week's High/ Low: 0.7176/ 0.6996
Previous Session's High/ Low: 0.7080/ 0.7028
Fundamental Overview:
The Reserve Bank of New Zealand (RBNZ) is due for its last monetary policy of the year on November 24.
Markets price in a 100% chance of a 25 bps hike in the Nov meeting, and a 40% chance of a 50 bps.
For 2022, investors are fully priced in for a 25 bps hike in February, with a 70% chance of a 50 bps hike.
A rise in US Treasury yields underpinned the greenback. Markets await US monthly Retail Sales figures, due later during the early North American session for further cues.
Technical Analysis:
- Price action is capped below 50-DMA
- Momentum is strongly bearish, stochs and RSI are sharply lower
- Volatility is high as evidenced by widening Bollinger bands
- MACD and ADX support weakness
Major Support and Resistance Levels:
Support - 0.6993 (23.6% Fib), Resistance - 0.7056 (50-DMA)
Summary: NZD/USD depressed below 50-DMA, further weakness on cards. Dip till cloud support likely.
