Home NZD/USD bears seeking a discount from weekly resistance
FXStreet News

NZD/USD bears seeking a discount from weekly resistance

  • The bird is flying towards a wall of resistance.
  • All eyes are on  the RBNZ and critical US data this week.

NZD/USD is around flat on the day as it heads into the Asian session, having travelled between a low of 0.7013 and 0.7049 overnight.

Traders are awaiting tomorrow’s the Reserve Bank of New Zealand’s event where a dovish outcome could weigh on the bird.

Meanwhile,  US data is also a focus  with  Retail Sales and the Consumer Price Index (CPI) highlights the calendar, both of which could shake up markets a touch.  

”The CPI probably surged, and not just due to energy prices this time. We caution against extrapolating, but the core reading will probably be boosted by a bounce in travel-related prices, most notably for airfares, hotels, and used cars,” analysts at TD Securities explained.

”We see some upside risk for rents as well. Changes to the seasonal factors could also be a source of strength, with payback later in the year.”

NZD/USD technical analysis

Meanwhile, there is a compelling downside bias on the weekly and daily charts according to market structure:

Weekly chart

Daily chart


FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.