Solid News
The NZDUSD Develops Ambiguous Trading Dynamics
2/14/2023 10:55 AMThe NZD/USD pair shows mixed trading dynamics, holding near 0.6350.
On Monday, investors drew attention to the speech of US Federal Reserve Board of Governors member Michelle Bowman, who said that the regulator should continue to raise interest rates until inflation reaches its target levels of 2.0%. In addition, the official pointed to a fairly strong labor market, which, in her opinion, will help avoid abrupt changes in the economy when the cost of borrowing remains at restrictive levels.
Today the activity on the market remains low, as market participants expect the publication of statistics on inflation in the US for January. Current forecasts suggest a slowdown in the annual dynamics of the Consumer Price Index from 6.5% to 6.2%, and in monthly terms, the indicator may again accelerate from 0.1% to 0.5%. CPI excluding Food and Energy may adjust from 5.7% to 5.5%.
Bollinger Bands on the daily chart show a steady decline. The price range is narrowing, reflecting the emergence of multidirectional trading dynamics in the short term. MACD has reversed to growth having formed a weak buy signal (located above the signal line). Stochastic shows more confident growth and is currently located approximately in the center of its area, signaling in favor of the further development of the "bullish" trend in the near future.
Resistance levels: 0.6350, 0.6400, 0.6450, 0.6500. | Support levels: 0.6288, 0.6250, 0.6200, 0.6155.
