Instrument: NZDUSD
Bullish Preference:
Buy position is envisaged if price trades above 0.59287 with take profit at 0.59530.
Bearish Preference:
Sell position is envisaged if price trades below 0.59059 with take profit at 0.58890.
Fundamentals:
USD
Prelim UoM Consumer Sentiment 3:00 PM
Prelim UoM Inflation Expectations 3:00 PM
Comment:
The NZD/USD pair trades with a negative bias for the third successive day on Friday and touches a fresh weekly low, around the 0.5920-0.5915 region during the Asian session. Spot prices remain on the defensive following the release of Chinese inflation figures and seem vulnerable to prolonging the recent sharp retracement slide from the 0.6055 area or over a two-month peak touched on Wednesday. The US Dollar (USD), on the other hand, struggles to capitalize on the previous day’s solid recovery from over a two-week low in the wake of a modest pullback in the US Treasury bond yields. This, however, fails to attract any buyers around the NZD/USD pair.
Analysis: SCRUM Team
