Instrument: NZDUSD
Bullish Preference:
A buy position is envisaged if price trades above 0.61572 with take profit at 0.61658
Bearish Preference:
A sell position is envisaged if price trades below 0.61480 with take profit at 0.61392
Fundamentals:
2:30pm USD Average Hourly Earnings
Non-Farm Employment Change
Unemployment Rate
Comment:
The U.S. dollar was at a two-week high as markets are still pricing at least 125 basis points of interest rate cuts from the U.S. Federal Reserve next year, the dollar was able to hold steady as rate cut bets for other central banks intensified. The slowing labor market and subsiding inflation have raised optimism that the U.S. Federal Reserve is probably done raising interest rates this cycle, with financial markets even anticipating a rate cut in mid-2024.
NZDUSD edged higher this weak reacting to the widespread USD weakness and the relative hawkishness of the RBNZ to record a of 3-month high.
Analysis: SCRUM Team