NZD/USD slides back under 0.6800 to hit 21DMA as US dollar enjoys broad bid By Frank_Macro NZDUSD RBNZ Fed
in the 0.6780s. The 21-day moving average at 0.6786 seems to be offering some support where last week’s lows at 0.6790 failed. FX markets have been choppy and difficult to make sense of on Monday, with the dollar and yen seemingly gaining ground amid a safe-haven bid, but typically more risk-off resilient currencies like CHF and EUR suffering alongside the more risk-sensitive currencies like NZD, AUD and CAD.
And consolidation has been just what NZD/USD has seen over the past few weeks. Whether this can continue into early 2022 is another question as the Fed primes itself for a potential rate hike as soon as March. NZD/USD’s Relative Strength Index score of close to 43 suggests there is plenty of room for some further selling pressure. But theis ahead of the Fed when it comes to policy normalisation and looks set to extend its lead, a fact that seems to have e been neglected by FX markets as of late.
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