- The Kiwi sees a quiet start to the week as broader markets await fresh action from the Dollar markets.
- A data-light Monday will see traders twisting ahead of Tuesday’s US mid-term election.
The NZD/USD is testing the 0.6650 region, sticking to last Friday’s ranges as the Kiwi looks for further impetus.
Monday’s economic calendar remains thin for the New Zealand Dollar, and early Tuesday will be seeing the Reserve Bank of New Zealand’s (RBNZ) Inflation Expectations for 2018’s fourth quarter at 02:00 GMT, but little will likely be expected from the report with the RBNZ broadly expected to remain steady on monetary policy for the foreseeable future.
The Antipodeans remain largely dependent on US Dollar flows to decide their chart directions, and Monday’s US showing is a bit more fleshed-out, with US Markit Composite and Services PMIs at 14:45 GMT (forecast 54.8 and 54.7 respectively, same as previous readings), with the ISM Non-Manufacturing PMI for October is expected to decline from 61.6 to 59.5 at 15:00 GMT, with US Mid-term Elections in the barrel for Tuesday.
NZD/USD levels to watch
The Kiwi is seeing growing potential for a retracement back towards the 200-period moving average at 0.6565 on 4-Hour candles after last week’s bull run failed to make headway against resistance from late September’s swing high just shy of the 0.6700 level.
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