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NZD/USD chart - Trading View
Spot Analysis:
NZD/USD was trading in narrow range at 0.70 at 06:25 GMT
Previous Week's High/ Low: 0.7088/ 0.6952
Previous Session's High/ Low: 0.7047/ 0.6995
Fundamental Overview:
Focus is on the Reserve Bank of New Zealand (RBNZ) policy meeting next week to provide the pair a meaningful direction.
The pair has been extending sideways grind and kiwi bulls hope for a rate rise next week and the promise of more to break out.
The RBNZ's last hike of 50 basis points was in May 2000. A rise of 25 basis points to 0.5% on August 18th is now fully priced in.
A hawkish surprise is what can provide some significant price moves.
Technical Analysis:
- GMMA indicator shows major trend is bearish, while minor trend is neutral
- Price action is below cloud and some major moving averages
- Bullish divergence on RSI on the daily charts keeps scope for upside
- Death Cross (bearish 50-DMA crossover on 200-DMA) could limit gains
Major Support and Resistance Levels:
Support - 0.6957 (55-week EMA), Resistance - 0.7105 (200-DMA)
Summary: NZD/USD trades pivotal at cloud resistance and 55-week EMA support. RBNZ policy meet next week will be in focus for clear direction.
