NZDUSD extends its gains for two straight days steady at around 0.6630s. The NZD dollar advances sharply during the US session, amid European stocks closing in the red. At the time of writing, the NZDUSD is trading at 0.6633.
, a gauge of the buck’s value against a basket of six rivals, slides 0.15%, sitting at 96.39, courtesy of a risk-appetite increase in the last couple of days, except for US equities.The US economic docket featured the release of the ISM Manufacturing indicators for January on its final reading. Thecame at 57.6 higher than the 57.5 foreseen by analysts. Although a tenth lower than December’s reading , it showed the resilience of the US economy.
That said, it further cements the US central bank hawkish pivot. However, regarding the labor market, Thursday’s Initial Jobless Claims and Friday’sOn Tuesday, the Philadelphia Fed President Patrick Harker crossed the wires. He commented that he expects a rate hike of 25 basis points in the March meeting, and he foresees at least four increases to the FFR.
If the NZD/USD challenges the 0.6700, the next target for NZD bulls would be January 6 low previous support-turned-resistance at 0.6733, immediately followed by the 50-DMA at 0.6768. Contrarily, and the path of least resistance as the NZD/USD current trend is to the downside, the first support would be 0.6600. A breach of the latter would expose January 28 high, previous resistance-turned-support at 0.6588, followed by the YTD low at 0.6529.
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