NZD USD

Welcome to Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike. In this week’s report, we are getting technical on the AUD/USD and NZD/USD, as well as WTI crude oil, as traders await key data in the second half of the week.

NZD/USD may struggle to defend the opening range for July if the RBNZ adjusts the forward guidance for monetary policy.

NZD pairs were lower after the RBNZ hiked for a 12th consecutive meeting and signalled they may have reached a peak rate of 5.5%. At least for now.

The RBNZ (Reserve Bank of New Zealand) are expected to hike by another 25bp tomorrow, despite 1 and 2-year inflation expectations plummeting at their fastest pace since the pandemic.

The RBNZ interest rate decision may keep NZD/USD afloat as the central bank is expected to further embark on its hiking-cycle.

The RBNZ rate decision may keep NZD/USD above the 50-Day SMA (0.6275) as the central bank appears to be on track to implement a more restrictive policy.

NZD/USD may track the negative slope in the 50-Day SMA (0.6294) as it struggles to retain the advance from the yearly low (0.6085).

NZD/USD approaches the weekly low (0.6137) after staging another failed attempt to test the monthly high (0.6276).

The RBNZ hiked for an eight consecutive meeting to take interest rates to 3.5%.

The RBNZ hiked for an eight consecutive meeting to take interest rates to 3.5%.

At its meeting tomorrow, the Reserve Bank of New Zealand is widely expected to raise the Official Cash Rate by 50 basis points taking the cash rate to 3%. It will be the RBNZ’s fourth consecutive 50bp hike in a tightening cycle that started in October.

The Reserve Bank of New Zealand has today raised the Official Cash Rate by 50 basis points to 2.50%. It was the RBNZ’s third straight 50bp hike in a row, in a tightening cycle that started back in October.

At its meeting on Wednesday, the Reserve Bank of New Zealand is widely expected to raise the Official Cash Rate by 50 basis points taking the cash rate to 2.50%. It will be the RBNZ’s third straight 50bp hike in a row, in a tightening cycle that started back in October.

NZD/USD and AUD/USD have hit key Fibonacci retracement levels and held.

Traders can use the correlation coefficient on the 240-minute timeframe to help them determine where AUD/USD and NZD/USD may be headed next.

At 11 am Sydney time tomorrow, the RBNZ will announce either a 25bp or an inflation-busting 50bp rate hike in what will be a very close call.

As the Fed continues to catch up with the rest of the markets in realizing that inflation is indeed high, it now has another data point to refer to, Core PCE.