NZD/USD is staging a modest rebound following this week’s sharp decline. US Dollar Index stays relatively quiet above 92.50. Focus shifts to key macroeconomic data releases from US. The NZD/USD pair registered its lowest daily close since mid-November at 0.6955 on Wednesday. The kiwi suffered heavy losses after the New Zealand government announced that it will be introducing a new NZD3.8 billion fund to boost the housing supply and curb housing prices. On Thursday, the pair staged a rebound and was last seen gaining 0.3% on the day at 0.6982. However, in the absence of significant fundamental drivers, this move seems to be a technical correction, suggesting that the pair remains vulnerable to additional losses. In the meantime, the US Dollar Index is moving sideways above 92.50, making it difficult for NZD/USD to extend its recovery. Later in the session, the US Bureau of Economic Analysis’ fourth-quarter GBP report and the US Department of Labor’s weekly Initial Jobless Claims data will be looked upon for fresh impetus. NZD/USD technical outlook Commenting on NZD/USD’s recent action, Westpac analysts said NZD/USD is at risk of sliding towards 0.6800 over the next few weeks with interim resistance forming at 0.7010-40 region. “Beyond that, we retain a cautiously bullish stance,” analysts added. “We continue to expect global risk sentiment to remain elevated; supported by the unprecedented central bank and government stimulus, as well as vaccine developments. Commodity currencies should strengthen in that environment.” Key levels to watch for 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. View All Post By FX Street FXStreet News share Read Next Ethereum Price Prediction: ETH heads back to $2,000 after holding key support FX Street 8 months NZD/USD is staging a modest rebound following this week's sharp decline. US Dollar Index stays relatively quiet above 92.50. Focus shifts to key macroeconomic data releases from US. The NZD/USD pair registered its lowest daily close since mid-November at 0.6955 on Wednesday. The kiwi suffered heavy losses after the New Zealand government announced that it will be introducing a new NZD3.8 billion fund to boost the housing supply and curb housing prices. On Thursday, the pair staged a rebound and was last seen gaining 0.3% on the day at 0.6982. However, in the absence of significant fundamental drivers, this move… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
