NZD/USD: two way flows around Wheeler and FSR

By FXStreet NZD/USD has come off from the highs, but bulls are backing the bid still on the rebound buying the dip as Wheeler’s comments hit the wires.

However, regardless that it is evident that there will need to be further macro prudential undertakings to help spur the economy along and safeguard against impending global headwinds, the bird remains better bid even within a bullish USD environment.

RBNZ Wheeler: Growth is slowing in trading partner economies

NZD/USD reclaimed the 0.68 handle earlier after the release of the Financial Stability Report, and all in all, markets may have been prepared for a more abrasive outcome to the bird than what was delivered and we have seen that kind of market reaction before in the bird to anything but positive events in New Zealand’s space in the FX market.

NZD/USD levels

The bird was rejected at the 100 sma at 0.6828 and in an extension in an upbeat commodity sector on Wall Street overnight, supported by the 20 sma on the same time frame located at 0.6749 on the downside. The major target for the bird remains located at the 200 sma on the 4hr sticks at 0.6878 and a break there to the 0.69 handle exposes late …read more

Source:: FX Street