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Instrument: NZDUSD
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 0.63578 with take profit at 0.63795.
Bearish Preference:
A sell position is envisaged if the price trades below 0.63260 with take profit at 0.63017.
Fundamentals:
None with High Impact
Comment:
Most Asian currencies moved in a flat-to-low range on Monday as robust U.S. labor data fueled expectations that the Federal Reserve will keep interest rates higher for longer, although the dollar weakened amid uncertainty ahead of key inflation data this week. The Chinese yuan fell 0.1%, and remained close to breaching the 7 level as focus also turned to Chinese trade and inflation indicators this week. Markets are watching for any more cues on a Chinese economic recovery, after business activity readings for April pointed to a slowing rebound. Analysts also expect weakness in Chinese imports and inflation to have persisted in April, pointing to a sluggish recovery even as the country relaxed most anti-COVID restrictions earlier this year.
Source: https://www.investing.com/
