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NZD/USD has been quite corrective and volatile recently with no impulsive pressure on either side in light of the recent US positive economic reports and events. Despite downbeat economic reports recently, NZD sustained the gains against USD along the way whereas USD is expected to have an upper hand in the coming days.
Recently, New Zealand FPI report was published with a slight decrease to 0.0% from the previous value of 0.1%. NZ Manufacturing Index report is due tomorrow which previously was at 58.9. So, the future of NZD against USD is quite indecisive for a while.
On the other hand, the FOMC held a policy meeting yesterday, followed by the statement on the key interest rate. The benchmark funds rate was raised to 2.00% from the previous value of 1.75%. Though there has been certain indecision about the impact of the rate hike, after a while USD managed to gain sustainable momentum over CAD. Today, US Core Retail Sales report was published with an increase to 0.9% from the previous value of 0.4% which was expected to be at 0.5%, Retail Sales also increased to 0.8% which was expected to be unchanged at 0.4%, Unemployment Claims decreased to 218k from the previous figure of 222k which was expected to increase to 223k, and Import Prices remained unchanged at 0.6% which was expected to decrease to 0.5%.
As for the current scenario, USD is expected to dominate NZD in the coming days though it has not been able to do it so far. NZD does not have much to offer to sustain the gains against impulsive USD pressure along the way. To sum up, USD is expected to have an upper hand over NZD in the coming days.
Now let us look at the technical view. The price is currently quite bearish after rejecting the bulls throughout the day while residing above the dynamic level of 20 EMA in the process. Though certain bullish pressure is still quite active in the market despite the recent positive US economic reports and rate hike. As the price remains below 0.7050 area, the bearish pressure is expected to continue with a target towards 0.6850 support area in the coming days.
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