The New Zealand dollar broke higher during the day on Wednesday, but found a bit of resistance near the 0.7250 handle. This was previous support, so that
The New Zealand dollar broke higher during the day on Wednesday, but found a bit of resistance near the 0.7250 handle. This was previous support, so that makes sense. If the FOMC looks to reaffirm tightening or at least a slowdown of the balance sheet at the Federal Reserve, this pair should go lower. We are in a downtrend anyway, so I don’t think it’s going to take much to push us back down. The alternate scenario of course is a break above the 0.73 handle, which would be very bullish and have this market looking for higher levels. Either way, I expect to see an overall negative bias.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
