Can Kiwi extend its upside?
With the release of August producer prices and consumer retail activity in the United States, you can bet I'm looking at USD pairs!
I'm keeping an eye on the NZD/USD, which has been making higher highs and lower lows since finding support at.5890 levels this week.
As you can see, the pair encountered resistance at.5945 earlier today and has since retreated to the.5920 area, which is near a trend line, the 100 SMA, and the 61.8% Fibonacci support zone.
Can the NZD/USD pair extend its gains today?
Softer producer price increases and consumer retail activity would lend credence to claims that the Fed is nearly finished raising interest rates in the short term.
A risk-friendly environment could propel the NZD/USD to previous highs near.5945, if not new weekly highs.
However, I would not rule out further USD gains.
If we see higher-than-expected PPI and retail sales in the United States, or if today's catalysts highlight concerns about a high-interest-rate environment, NZD/USD may break its short-term uptrend and trade below its trend line support.
In any case, whether you're trading a trend continuation or a trend breakout in the coming trading sessions, look for confirmation candlesticks!
I'm keeping an eye on the NZD/USD, which has been making higher highs and lower lows since finding support at.5890 levels this week.
As you can see, the pair encountered resistance at.5945 earlier today and has since retreated to the.5920 area, which is near a trend line, the 100 SMA, and the 61.8% Fibonacci support zone.
Can the NZD/USD pair extend its gains today?
Softer producer price increases and consumer retail activity would lend credence to claims that the Fed is nearly finished raising interest rates in the short term.
A risk-friendly environment could propel the NZD/USD to previous highs near.5945, if not new weekly highs.
However, I would not rule out further USD gains.
If we see higher-than-expected PPI and retail sales in the United States, or if today's catalysts highlight concerns about a high-interest-rate environment, NZD/USD may break its short-term uptrend and trade below its trend line support.
In any case, whether you're trading a trend continuation or a trend breakout in the coming trading sessions, look for confirmation candlesticks!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.