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NZD/USD regains 0.6500, RBNZ eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Kiwi dollar is now extending its recovery vs. the greenback, lifting NZD/USD beyond the 0.6500 handle.

    NZD/USD focus on FOMC, RBNZ

    The pair has managed to bounce off overnight troughs near 0.6470 and retake the 0.6500 mark ahead of the FOMC meeting and the RBNZ interest rate decision due next.

    In the meantime, spot is looking to keep the trade in the upper bound of the recent range around 0.6500 the figure against the backdrop of some sort of recovery in the commodities space.

    Regarding the RBNZ, market expectations see the central bank keeping its monetary stance unchanged, with the refi rate at 2.50%. Same applies to the FOMC, with market participants seeing a cautious tone from today’s statement.

    NZD/USD levels to watch

    As of writing the pair is flat at 0.6508 facing the next resistance at 0.6564 (20-day sma) followed by 0.6634 (55-day sma) and finally 0.6747 (200-day sma). On the downside, a break below 0.6355 (4-month uptrend) would expose 0.6346 (low Jan.20) and then 0.6233 (low Sep.23).

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