NZDUSD Bearish Fed Chair Powell testimony will influence amidst Day 1 Powell Testimony
There are no economic indicators from Australia or New Zealand to move the dial this morning.
The lack of economic indicators will leave investors to reflect on Tuesday’s RBA meeting minutes and Fed Chair Powell’s testimony later today.
Disappointing moves to shore up the Chinese economy will also test buyer appetite until Beijing delivers a meaningful stimulus package.
Looking forward to the US session, Fed Chair Powell will give the first day of testimony. While the FOMC press conference was only last week, investors should look out for any deviation from the FOMC press conference script.
There are no US economic indicators to influence today, leaving FOMC member chatter to move the dial.
Looking at the EMAs and the 4-hourly chart, the EMAs sent mixed signals. The NZD/USD sat below the 50-day EMA, currently at $0.61696. The 50-day EMA narrowed to the 200-day EMA, while the 100-day EMA widened from the 200-day EMA, delivering mixed signals.
A move through the 50-day EMA ($0.61696) would support a breakout from R1 ($0.6204) to give the bulls a run at R2 ($0.6241). However, failure to move through the 50-day EMA ($0.61696) would leave S1 ($0.6132) in view. A move through the 50-day EMA would send a bullish signal.
After the fast pullback on 12th of Oct.2023
NZD was not able of making HH, indeed it tested for the third time 0.65576(See yellow circleswhich symbolize the Highs).
After that periode of time NZDUSD made again a new local LH and LL
A fall below 0.60 would send NZD in the low valaue area and it can drop very quickly to 0.55113
Also WEEKLY AVERAGE PRICE IS AGAIN BELOW THE MONTHLY AVERAGE PRICE THAT INDICATES Selling pressure
