NZD/USD witnessed some profit-taking on Tuesday and retreated further from multi-year tops. A subdued USD price action might extend some support and help limit any meaningful downfall. Investors now eye second-tier US economic data for some impetus ahead of the FOMC meeting. The NZD/USD pair edged lower during the early European session and dropped to three-day lows, around the 0.7060 region in the last hour. Following a brief consolidation through the first half of the trading action on Tuesday, the pair witnessed some selling and retreated further from the highest level since April 2018 set in the previous session. The pullback could be solely attributed to some profit-taking and is likely to remain limited amid a subdued US dollar price action. The USD Index languished near two-and-half-year lows amid the recent optimism over the rollout of vaccines for the highly contagious coronavirus disease. Apart from this, expectations for additional US fiscal stimulus measures exerted some additional pressure on the greenback and might help limit any further slide for the NZD/USD pair, at least for now. Investors might also refrain from placing aggressive bets, rather prefer to wait on the sidelines ahead of a two-day FOMC monetary policy meeting, starting this Tuesday. In the runup to the key event risk, the markets have been pricing in the possibility that the Fed will ease its monetary policy further by expanding the bond-buying program. In the meantime, Tuesday’s US economic docket – featuring the second-tier releases of the Empire State Manufacturing Index and Industrial Production data – will be looked upon for some impetus. This, along with the US stimulus headlines, might influence the USD price dynamics and produce some trading opportunities around the NZD/USD pair. Technical levels to watch 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 Brexit: A deal can still be done and provisionally applied – ABN Amro FX Street 2 years NZD/USD witnessed some profit-taking on Tuesday and retreated further from multi-year tops. A subdued USD price action might extend some support and help limit any meaningful downfall. Investors now eye second-tier US economic data for some impetus ahead of the FOMC meeting. The NZD/USD pair edged lower during the early European session and dropped to three-day lows, around the 0.7060 region in the last hour. Following a brief consolidation through the first half of the trading action on Tuesday, the pair witnessed some selling and retreated further from the highest level since April 2018 set in the previous session. The… Regulated 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.
