NZD/USD: US Dollar Strength Bolstered by FOMC Minutes
US Dollar Strength Bolstered by FOMC Minutes
NZDUSD Breaks Key Resistance Zone
Fundamental Analysis:
The release of the FOMC minutes today and the upcoming US CPI data on Thursday are reinforcing USD strength. Additionally, the market is anticipating a 25 basis point rate hike by the Federal Reserve at the next meeting.
Two weeks ago, Chair Powell reiterated:
We have made good progress toward restoring price stability without painful rise in unemployment.
Labor conditions are solid, labor market roughly in balance.
The Fed is not in a hurry to cut rates quickly, will be guided by data
Technical Analysis:
Recently, NZDUSD broke down from a strong daily structure area near 0.6110. This was a significant key zone, and the price has been moving downward without pausing.
The next support zone is near 0.6000, and a move below this area could push NZDUSD to new lows around 0.5930
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
NZDUSD Breaks Key Resistance Zone
Fundamental Analysis:
The release of the FOMC minutes today and the upcoming US CPI data on Thursday are reinforcing USD strength. Additionally, the market is anticipating a 25 basis point rate hike by the Federal Reserve at the next meeting.
Two weeks ago, Chair Powell reiterated:
We have made good progress toward restoring price stability without painful rise in unemployment.
Labor conditions are solid, labor market roughly in balance.
The Fed is not in a hurry to cut rates quickly, will be guided by data
Technical Analysis:
Recently, NZDUSD broke down from a strong daily structure area near 0.6110. This was a significant key zone, and the price has been moving downward without pausing.
The next support zone is near 0.6000, and a move below this area could push NZDUSD to new lows around 0.5930
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
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