Technical Analysis

NZDUSD trades lower ahead of key CPI data in the new trading day.

The NZDUSD has moved lower in trading today. The move comes ahead of the QoQ CPI data that will be announced in the new trading day in New Zealand. The expectations are for a gain of 0.9% versus 1.2% last quarter.

Technically, the price moved briefly below it to 100-hour moving average of 0.62668 (green line in the chart below). However, that break was short-lived and the price rotated back to the upside. The balance has taken the price back toward a swing area near 0.63055. If sellers can keep a lid on the pair against that level, a rotation back toward the 200-hour moving average would be anticipated.

A break below the 200-hour moving average would next target an upward-sloping trendline near 0.6240. Below that is the 50% midpoint of the move up from the end of June low. That level comes in at 0.6230.

On the topside, a break above 0.6305 and a swing area between 0.6313 – 0.6316, would have traders looking toward the 100-hour moving average of 0.6343.

NZDUSD below swing area at 0.63055.

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