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The price of NZDUSD has broken out of a small trading range, could this see the price fall further?
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NZDUSD Analysis
The RBNZ is set to announce an interest rate hike by 50bps, which could spark some fresh buying in the short term for the kiwi. The CPI data out tomorrow, could turn the short term upside for the kiwi into downside, as the forecasts suggest an increase in inflation is to come in the US. This increase in inflation will put pressure on the Federal Reserve to hike rates more aggressively. Most recently when this has occurred the USD has strengthened which is likely to happen again. If for some reason the numbers come in lower than forecasted then we could see the USD fall.
The monthly chart shows the price breaking through last month’s low heading towards the major swing lows. This downward trend is likely to continue despite some bullish fundamentals for the kiwi. The strength meter shows the kiwi as the weakest currency but in a reversals zone, but this reversal may only be against weaker currencies.
The 4hr chart shows the price breaking through the minor range lows, this could see the price move lower. However, the RBNZ data could spike the price of NZDUSD into the range highs where sellers could re-enter the market. Alternatively, the price could continue to break lower from these current lows.
Did you see our CADJPY analysis? You can watch it here…
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