NZDUSD Chart Technical Outlook finds support a 0.5910, ticks up ahead of Powell’s conference
The New Zealand Dollar’s reversal from 0.60000 has been contained right above 0.5900, which keeps the pair’s broader upside tone intact, although bulls are capped below the mid-range of 0.5900 so far.
The market mood remains cautious, with all eyes on the Federal Reserve Chairman, Jerome Powell, who is expected to speak about monetary policy in a panel of experts later today.
Beyond that, Inflation in China has contracted against market expectations of a flat performance, which is adding bearish pressure on the Kiwi.
In this context, I expect further rangebound trading until Powell’s speech, with 0.5940 closing the path towards 0.6000 and 0.6050.
Supports are 0.5910 and 0.5860.