NZDUSD .6164 Target Achieved, New Pattern Emerging
Technical & Trade View
NZDUSD
Bias: Bullish Above Bearish below .6000
.6164 Target Achieved, New Pattern Emerging
Technicals
Primary support is at .6000
Primary pattern objective is .6240 Daily HVN
Acceptance above .6165 next pattern confirmation
Failure below .6000 opens a test of .5900
20 Day VWAP bullish , 5 Day VWAP bullish
Notes
While the RBNZ led most other DM central banks in starting the cycle, JPMorgan economists expect the Bank to accelerate its hiking pace again to 75bp at the coming meeting after NZ CPI surprised significantly to the upside in 3Q22
Analysts at Credit Agricole believe the RBNZ’s aggressive tightening cycle will see NZ lead the rest of the G10 into an economic slowdown, and falling dairy prices on the back of a weak China economy are seeing the NZD underperform. The re-opening of the international border will be a positive for the coming 3M. Soft economic landings locally and internationally will improve the NZD’s prospects over the coming 6-12M.
NZDUSD
Bias: Bullish Above Bearish below .6000
.6164 Target Achieved, New Pattern Emerging
Technicals
Primary support is at .6000
Primary pattern objective is .6240 Daily HVN
Acceptance above .6165 next pattern confirmation
Failure below .6000 opens a test of .5900
20 Day VWAP bullish , 5 Day VWAP bullish
Notes
While the RBNZ led most other DM central banks in starting the cycle, JPMorgan economists expect the Bank to accelerate its hiking pace again to 75bp at the coming meeting after NZ CPI surprised significantly to the upside in 3Q22
Analysts at Credit Agricole believe the RBNZ’s aggressive tightening cycle will see NZ lead the rest of the G10 into an economic slowdown, and falling dairy prices on the back of a weak China economy are seeing the NZD underperform. The re-opening of the international border will be a positive for the coming 3M. Soft economic landings locally and internationally will improve the NZD’s prospects over the coming 6-12M.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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