NZDUSD short analysis
Fundamentals:
NZD hiked rates by 50 basis points but surprisingly the language used was dovish. Increasing mortgage rates, softening property market and Reserve Bank behind the inflation curve are all weighing down on the Kiwi, possibly the reason behind why NZD sold off this week. Currently maintaining a negative directional bias short term especially if data released next week doesn’t impress the markets.
USD overall still positive, however PCE data on Friday may weaken the dollar if inflation comes softer than expected. Therefore,
Technicals:
The 2H timeframe shows a clear change of character (CHoCH) to the downside, with trendline liquidity forming, followed with 2 more confirmations by break of structure (BoS), recent bearish order block has been mitigated, forming a new order block that price might come into for another mitigation before continuing move to the downside.
NZD hiked rates by 50 basis points but surprisingly the language used was dovish. Increasing mortgage rates, softening property market and Reserve Bank behind the inflation curve are all weighing down on the Kiwi, possibly the reason behind why NZD sold off this week. Currently maintaining a negative directional bias short term especially if data released next week doesn’t impress the markets.
USD overall still positive, however PCE data on Friday may weaken the dollar if inflation comes softer than expected. Therefore,
Technicals:
The 2H timeframe shows a clear change of character (CHoCH) to the downside, with trendline liquidity forming, followed with 2 more confirmations by break of structure (BoS), recent bearish order block has been mitigated, forming a new order block that price might come into for another mitigation before continuing move to the downside.
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