NZD/USD recovered to around 0.69, it remains in the Minus

FXStreet — The currency pair NZD/USD could be on its recovery from the early hours of the morning not to build and came out at the beginning of the American business under renewed pressure. This is due to a stronger Greenback, which advanced on a broad Front on the accelerator. The currency pair is listed last on 0,6895 and to 0.18 percent in the Minus.

Despite the current price fluctuations, the currency remains in its been two weeks since established Trading channel and is, therefore, in the short term, there is no clear direction due to a lack of catalysts. The strength of the greenback seems to have weighed on the currency pair on Tuesday, because the U.S. Dollar Index, which is a measure that compares the value of the US Dollar using a Basket of six currencies, may hold on to its gains above the 99-point mark. The Index was last 0.33 percent to 99,36.

The next important event for the new Zealand Dollar will take place on Wednesday evening with the monetary policy decision of the Reserve Bank of New Zealand. «In November of last year, the RBNZ has lowered its key interest rate to an all-time low of 1.75%. Since then, she has not changed him, and according to the unanimous opinion of analysts, you will not be doing this next Wednesday. Although the RBNZ is expected to draw an overall positive picture for the Inflation. Finally, the inflation rate has returned much faster to the center of the Target range of 1% to 3%, as it had adopted in its monetary policy report in February. Overall, the RBNZ will emphasize, however, that the monetary policy will remain for some time to be expansive, and the numerous international risks (e.g., China). In addition, you will want to avoid interest rate hike speculation fuelling, then the NZD could appreciate,“ said Thu Lan Nguyen, a Commerzbank expert.

Technical Outlook

The next Resistances lie at 0,6900 (psychological mark), 0,6975 (50-days-line) and 0,7000 (psychological mark). Technical supports hinengen in 0,6840 (10-month-Low / Deep 04. May), 0,6800 (psychological mark) and 0,6715 (Deep 10. To find may 2016).

** FXStreet News Editorial, FXStreet**

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